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The following table shows the outputs and prices of three products, X, Y and Z; produced by a small economy in 2020, 2021 and 2022:
The following table shows the outputs and prices of three products, X, Y and Z; produced by a small economy in 2020, 2021 and 2022: 2020 2021 2022 Product Price ($) Quantity Price ($) Quantity Price ($) Quantity X 4 50 5 55 6 60 Y 3 40 5 45 6 50 Z 2 20 5 25 4 30 4a) Measure the nominal GDP and the real GDP in 2021 and 2022, taking 2020 as the base year. Measure also the nominal and the real GDP growth rate in 2022. Which growth rate is more accurate in measuring the performance of the economy
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