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Question : Nominal GDP in year two, Real GDP in year two, Real GDP growth rate between year one and year two. In year one,
Question: Nominal GDP in year two, Real GDP in year two, Real GDP growth rate between year one and year two.
In year one, prices for goods X, Y, and Z are $2, $4, and $6, respectively, and 20 units of X, 40 units of Y, and 60 units of Z are produced. In year two, prices for goods X, Y, and Z are $3, $4, and $7, respectively, and 22 units of X, 43 units of Y, and 63 units of Z are produced. Note: Year one is the Base YearStep by Step Solution
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