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One last time, please consider Economy Q, which has the following production information: Assume that 2020 is the base year for all calculations. If you
One last time, please consider Economy Q, which has the following production information: Assume that 2020 is the base year for all calculations. If you calculate nominal and real GDP for some year and get exactly the same answer, you must have been doing calculations for 2022, because real output uses prices from this year 2020 , because real output uses prices from this year 2022, because that's when prices were highest 2020 , because that's when prices were lowest
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