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1. Which of the statements below are true? a. Without additional information, we do not know changes in nominal values reflect changes in prices or
1. Which of the statements below are true? a. Without additional information, we do not know changes in nominal values reflect changes in prices or quantities. b. Real variables adjust for price changes, so real variables reflect only quantity changes. c. Nominal GDP is the dollar value of an economy's final output measured at current market prices. d. Real GDP is the value of an economy's final output, adjusting for changes in the overall price level
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