Assume that this economy produces only two goods, Good X and Good Y. 1a. The value for
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Assume that this economy produces only two goods, Good X and Good Y.
1a. The value for this economy’s NGDP in year 1 is ______. NGDP = Nominal GDP
1b. The value for this economy’s NGDP in year 3 is ______.
1c. If year 1 is the base year, the value for this economy’s RGDP in year 2 is _____. RGDP = Real GDP
1d. If year 1 is the base year, the value for this economy’s GDPD in year 1 is____. GDPD = GDP Deflator
1e. If year 1 is the base year, the value for this economy’s GDPD in year 1 is _____.
1f. If year 1 is the base year, the value for this economy’s GDPD in year 2 is ______.
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