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Suppose nominal GDP in 1967 was $1 trillion and nominal GDP in 1977 was $2 trillion.The 1967 and 1977 price indexes were 100 and 250
Suppose nominal GDP in 1967 was $1 trillion and nominal GDP in 1977 was $2 trillion.The 1967 and 1977 price indexes were 100 and 250 respectively. Based on these numbers:
a. Real GDP increased over the 10 years
b. Real GDP decreased over the ten years
c. Real GDP remained constant
d. Nominal GDP fell over the 10 years
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