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Business, 30.07.2020 02:01 angrybirdsryver

Suppose GDP consists of wheat and rice. In 2005, 20 bushels of wheat are sold at $4 per bushel, and 10 bushels of rice are sold at $2 per bushel. In 2004, 20 bushels of wheat are sold at $2 per bushel and 10 bushels of rice are sold at $1 per bushel. Using 2004 as the base year, it follows that, for 2005. Group of answer choices Nominal GDP is $100, real GDP is $50, and the GDP Deflator is 50. Nominal GDP is $100, real GDP is $50, and the GDP Deflator is 200. Nominal GDP is $40, real GDP is $100, and the GDP Deflator is 50. Nominal GDP is $50, real GDP is $100, and the GDP Deflator is 200.

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Suppose GDP consists of wheat and rice. In 2005, 20 bushels of wheat are sold at $4 per bushel, and...
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