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Refer to the table below for a very simple economy producing three goods: movies, burgers and bikes. Steel bike frames are used for bike production
Refer to the table below for a very simple economy producing three goods: movies, burgers and bikes. Steel bike frames are used for bike production and meat patties are used for making burgers. 2015( 2020( Product Quantity Price Quantity Price Steel frames $5000( 204 $75004 Movies 30 $104 50 $150 Bikes $10000( 204 $15000( Meat patties 200 $1.50- 300- $2.004 Burgers 2004 $2.00( 300( $3.00( What is the nominal GDP in 2020? What was the nominal GDP in 2015? What is the real GDP in 2020 using 2015 prices as base year prices? What is the real GDP growth rate between 2020 and 2015
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