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Use the data in the following table. Assume that this economy has only two goods produced, bread and cake, and 2004 is the base year.

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Use the data in the following table. Assume that this economy has only two goods produced, bread and cake, and 2004 is the base year. Quantityofbread(billions)PriceofbreadQuantityofcake(billions)Priceofcake200420052005,0006,000$2.50$2.251,2001,150$4.00$3.80 Calculate the following: 1. Nominal GDP in 2004 and 2005 2. Real GDP in 2004 and 2005 3. The growth rate of real GDP in 2005

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