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A country produces only one good. It produced 5,000 units of the good during Year 1 and 6,000 units of the good in Year 2. The price of each unit of the good in Year 1 was $280 and it was $320 in Year 2. Suppose Year 1 is taken as the base year for the calculation of GDP. Part 1(1 point) Refer to the scenario above. The real GDP of the country in Year 1 was $ Part 2(1 point) Refer to the scenario above. The nominal GDP of the country for Year 2 was $ Part 3(1 point) Refer to the scenario above. Real GDP of the country has grown by %. Part 4(1 point) Refer to the scenario above. The GDP deflator for Year 2 is . (round first decimal place)

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M91423744

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