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Question-
An economy produces only two goods, oranges and VCRs. The quantities and prices for the years 2005 and 2006 are shown in the table. The base year is 2005. 2005 2006 Price Quantity Price Quantity Oranges $3 2,000 $4 3,000 VCRs $20 1,000 $30 2,000
1. Nominal GDP in 2005 is:
a) 26,000
b) 57,000
c) 49,000
d) 65,000
e) 72,000 2. Nominal GDP in 2006 is:
e) 72,000 3. Real GDP in 2005 is:
e) 72,000 4. Real GDP in 2006 is:
e) 72,000
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