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Consider a simple economy that produces two goods: pens and muffins. The following table shows the prices and quantities of the goods over a three-

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Consider a simple economy that produces two goods: pens and muffins. The following table shows the prices and quantities of the goods over a three- year period. Pens Muffins Price Quantity Price Quantity Year (Dollars per pen) (Number of pens) (Dollars per muffin) (Number of muffins) 2015 115 2 175 2016 N 150 A 180 2017 4 120 190 Use the information from the preceding table to fill in the following table. Nominal GDP Real GDP Year (Dollars) ( Base year 2015, dollars) GDP Deflator 2015 2016 2017

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