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What was the price index in 2003

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The price level of a basket of goods in 2002 was $64.00. The price level of that same basket in 2003 was $68.00. If 2002 is the base year, what was the price index in 2003?

6. If nominal output is $300 billin and the price index is 115, what is the real output?

Reference no: EM13329292

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