Assume an economy that is producing only one product.Output and price data for a three-year period are as follows.Answer the question on the basis of these data.
Refer to the 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.
Correct Answer:
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