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4. Consider the data in Table 1. There are only two goods in this economy. Table 1 Price (Dollars) Price (Dollars) Quantity Quantity Base Year

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4. Consider the data in Table 1. There are only two goods in this economy. Table 1 Price (Dollars) Price (Dollars) Quantity Quantity Base Year Current Year Base Year Current Year Bread 1.00 2.10 70,000 75,000 Computer Disks 1.00 1.80 25,000 18,000 a) What is current real GDP in terms of base year prices? b) What is current nominal GDP

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