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Suppose an economy only produces 3 goods: milk, gasoline per gallon, tomatoes. The table below gives prices and output for these goods in 2019 and

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Suppose an economy only produces 3 goods: milk, gasoline per gallon, tomatoes. The table below gives prices and output for these goods in 2019 and 2020. Good Prices and Quantity Output in 2019 Price in 2019 Output in 2020 Price in 2020 milk 96 $3.75 99 $3.95 gasoline per gallon 26 $4.19 29 $3.88 tomatoes 148 $1.86 156 $2.04 What is the value of the GDP deflator in 2020 and what does this say about differences in prices between 2019 and 2020? The GDP deflator is 110.8 which means prices rose 10.8% between 2019 and 2020 The GDP deflator is 105 which means prices rose 5.0% between 2019 and 2020 The GDP deflator is 81.2 which means prices fell -18.8% between 2019 and 2020 The GDP deflator is 113.6 which means prices rose 13.6% between 2019 and 2020 O None of the above

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