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Refer to the information provided in Table 21.10 below to answer the question (s) that follow. Table 21.10 Production Prices Year 1 Year 2 Year

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Refer to the information provided in Table 21.10 below to answer the question (s) that follow. Table 21.10 Production Prices Year 1 Year 2 Year 3 Year 1 Year 2 Year 3 Good X 50 50 60 $1.00 $1.20 $1.20 Good Y 100 120 140 $0.60 $0.60 $1.00 9) Refer to Table 21.10. Assume that this economy produces only two goods Good X and Good Y. The value for this economy's nominal GDP in year 1 is A) $110. B) $130. C) $140. D) $160. 10) Refer to Table 21.10. Assume that this economy produces only two goods Good X and Good Y. If year 1 is the base year, the value for this economy's real GDP in year 2 is A) $120. B) $122. C) $132. D) $140

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