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Assume an Economy Which Is Producing Only One Product

Question 140

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Assume an economy which is producing only one product.Output and price data for a three-year period are as follows. Assume an economy which is producing only one product.Output and price data for a three-year period are as follows. Refer to the above data.If year 2 is chosen for the base year, in year 3 nominal GDP and real GDP, respectively, are: A) $180 and $30. B) $30 and $5. C) $180 and $120. D) $120 and $100. Refer to the above data.If year 2 is chosen for the base year, in year 3 nominal GDP and real GDP, respectively, are:


A) $180 and $30.
B) $30 and $5.
C) $180 and $120.
D) $120 and $100.

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