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Hello, I have an Economics/Math based question, and I have provided the question via image. All the images are part of the same question. 4.

Hello, I have an Economics/Math based question, and I have provided the question via image. All the images are part of the same question.

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4. Real versus nominal GDP Consider a simple economy that produces two goods: pens and envelopes. The following table shows the prices and quantities of the goods over a three-year period. Pens Envelopes Price Quantity Price Quantity Year (Dollars per pen) (Number of pens) (Dollars per envelope) (Number of envelopes) 20 1 5 1 130 2 1 65 2016 2 140 4 205 2017 4 120 4 190 Use the information from the preceding table to ll in the following table. Nominal GDP Real GDP Year (Dollars) (Base year 2015, dollars) From 2016 to 2017, nominal GDP V , and real GDP V .

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