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Consider the following data for a hypothetical economy that produces twogoods, milk and honey. Quantity Produced Prices Milk (litres) Honey (kg) Milk ($/litre) Honey ($/kg)
Consider the following data for a hypothetical economy that produces twogoods, milk and honey.
Quantity Produced
Prices
Milk (litres)
Honey (kg)
Milk ($/litre)
Honey ($/kg)
Year 1
113
49
1
6
Year 2
129
69
4
7
Using year 1 as the baseyear, the 145.45% increase in nominal GDP may be explained by a
nothing
% increase in real GDP and a
nothing
% increase in prices. (Round your responses to two decimalplaces.)
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