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Suppose that over a 25-year period Buskerville's price level increased from 72 to 146 , while its real GDP rose from $1.2 trillion to $2.3
Suppose that over a 25-year period Buskerville's price level increased from 72 to 146 , while its real GDP rose from $1.2 trillion to $2.3 trillion. Instructions: Round your answers to 1 decimal place. Use simple (not compounded) growth calculations for the percentage change. a. Did economic growth occur in Buskerville? If so, by what average yearly rate in percentage terms? percent b. Did Buskerville experience inflation? If so, by what average yearly rate in percentage terms? percent
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