3. Briefly respond to each of the following questions. (a) A country's nominal GDP rises by 50% from one year to the next. Does this
3. Briefly respond to each of the following questions. (a) A country's nominal GDP rises by 50% from one year to the next. Does this mean that the country's economy grew by 50%7 (5 points) (b) Consider the market for oil. If there is overall population growth, then what would happen to the price of 0il? Why? (5 points)
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