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    GDP and real GDP

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    Consider the price index attached. What are the values for A, B, and C? Was there inflation from 2006 to 2009? If the price changes above occurred for all goods across the economy during the four year period, explain how nominal GDP and real GDP would differ.

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    Solution Preview

    2007 Base year price = Current year price/Price index

    Solution Summary

    GDP and real GDP differences are explained.