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QUESTION 7 Consider the following data for a hypothetical economy (the base year is Year 1): Year 1 (Base Year) Year 2 Good Price Quantity Price Quantity Good 1 $4 100 $5 200 Good 2 $5 200 $2 100 Nominal GDP in Year 1 equals $700 $1,200 $1,300 $1,400

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