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What happened to real output

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Reference no: EM13156388

If nominal output rises from $13.5 billion to $14 billion and the GDP deflator rises from 100 to 105,

a) what is the percetage increase in nominal output?

b) what is the percentage increase in the price index?

c) what happened to real output?

d) by how much would the price index have had to rise for real income to remain constant?

 

Reference no: EM13156388

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