An economy produces 10 cookies in year 1 at a price of $2 per cookie and 12
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An economy produces 10 cookies in year 1 at a price of $2 per cookie and 12 cookies in year 2 at a price of $3 per cookie. From year 1 to year 2, real GDP increases by
a. 20 percent.
b. 50 percent.
c. 70 percent.
d. 80 percent.
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We need to calculate the real GDP for both years and then find the percentage change to determine th...View the full answer
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