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Year Price of a pair of pants Quantity of a pair of pants Price of hat...

Year Price of a pair of pants Quantity of a pair of pants Price of hat Quantity of hat
2012 15 100 35 50
2013 25 120 45 70
2014 40 125 50

75

Base year is 2012.

1. Based on GDP deflator, what is the approximate percentage increase in prices from 2013 to 2014?

a.17.5%

b. 34.4%

c. 45%

d. 25%

2. What is the approximate percentage increase in real GDP from 2013 to 2014?

a. 0%

b. 7.5%

c. 5.9%

d. 27.1%

e. 42.3%

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