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Suppose you are given the following data:
Nominal GDP for 2013
$700,000
GDP Deflator for 2013
120
What is the real GDP for 2013?
1. Less than $400,000
2. Between $400,000 and $550,000
3. Between $550,000 and $700,000
4. Between $700,000 and $850,000
5. Greater than $850,000
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