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You have read in the newspapers that the economy grew by 4%. Assuming the information is accurate, which of the following interpretations is correct? a.
You have read in the newspapers that the economy grew by 4%. Assuming the information is accurate, which of the following interpretations is correct?
a. Both nominal GDP and price level increased by 4%.
b. Price level increased by 4%.
c. Real GDP increased by 4%
d. Nominal GDP increased by 4%.
e. None of the answers offered are accurate.
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