Question: Use the data in the following table. Assume that this economy has only two goods produced, bread and cake, and 2004 is the base year.

Use the data in the following table. Assume that this economy has only two goods produced, bread and cake, and 2004 is the base year. Quantityofbread(billions)PriceofbreadQuantityofcake(billions)Priceofcake200420052005,0006,000$2.50$2.251,2001,150$4.00$3.80 Calculate the following: 1. Nominal GDP in 2004 and 2005 2. Real GDP in 2004 and 2005 3. The growth rate of real GDP in 2005

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