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D Consider an economy that only produces 3 goods: A, B, and C. The following table shows the prices and the quantities of the goods
D Consider an economy that only produces 3 goods: A, B, and C. The following table shows the prices and the quantities of the goods in different years. 2012 is the base year. Use the given information to answer questions 9 - 13. 2014 2014 Good 2012 price 2012 quantity 2013 price 2013 quantity price quantity A $2.5 90 $3 100 $4 120 B $3.0 100 $3.5 110 $5 125 C $4 110 $4.5 125 $6 130 D Question 9 What is the price level of 2012?D Question 13 Based on the above information, which of the following statements is incorrect? Nominal GDP rises between 2013 and 2014. Real GDP rises between 2013 and 2014. O Price level decreases between 2013 and 2014.D Question 10 Calculate the nominal GDP of 2014. Answer: The nominal GDP of 2014 = $. D Question 11 Calculate the real GDP of 2014. Answer: The real GDP of 2014 = $ D Question 12 Calculate the price level of 2014. (Round your answer to the nearest first decimal place.)
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