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The city of Flowertown (pop: 135) produces and consumes two goods: cereal and milk. It produced these goods in the following amounts during 2015, 2016,
The city of Flowertown (pop: 135) produces and consumes two goods: cereal and milk. It produced these goods in the following amounts during 2015, 2016, and 2017. Year Cereal Milk Quantity Price Quantity Price 2015 200 $1.25 160 $1.20 2016 225 $1.40 160 $1.25 2017 235 $1.45 180 $1.45 If 2015 is the base year then a. the Nominal GDP and Real GDP for 2015 would be $192. b. the Nominal GDP and Real GDP for 2015 would be $250. c. the Nominal GDP and Real GDP for 2015 would be 100. d. the Nominal GDP and Real GDP for 2015 would be $442
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