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Suppose in 1995 the price index (base year 1992) was 110 and the income was $700 billion. The corresponding numbers for 1996 were 120 and

Suppose in 1995 the price index (base year 1992) was 110 and the income was $700 billion. The corresponding numbers for 1996 were 120 and $800 billion.

A. 1996 income expressed in 1992 dollars is?

B. 1996 income expressed in 1995 dollars is?

C. Inflation during 1996 was?

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