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Suppose an economy consists of only three goods, as shown in Table 1: Candy Phones Flights 2022 Price 12 6 10 2022 Quantity 100 10
Suppose an economy consists of only three goods, as shown in Table 1: Candy Phones Flights 2022 Price 12 6 10 2022 Quantity 100 10 200 2023 Price 15 8 40 2023 Quantity 110 15 220 (a) What is the percentage change in nominal versus real GDP from 2022 to 2023? Use 2022 as the base year
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Principles of Economics
Authors: Robert Frank, Ben Bernanke
5th edition
73511404, 978-0073511405
