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U.S. GDP in year 2011 is $15,094.0 U.S. GDP in year 1982 is $3,253.2. The GDP chain -type price index (2005=100) is 113.36 in 2011 and 55.459 in 1982. (must show work please)
a) What is the percentage change in nominal GDP over this period?
b) What is the percentage change in Real GDP over this period?
c) How much higher are prices in 2011 than in 1982?
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