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Use the following information to answer the next several questions: Scenario 1 : Imagine that an economy produces two goods, flashlights and fishing...

Use the following information to answer the next several​ questions:

Scenario 1​: Imagine that an economy produces two​ goods, flashlights and fishing lures. In​ 2015, the economy produced 70 flashlights and 40 fishing​ lures, and the prices of flashlights and fishing lures were​ $5 and​ $12, respectively. In​ 2016, the economy produced 85 flashlights and 50 fishing​ lures, and the prices of flashlights and fishing lures were​ $7 and​ $15, respectively.

Based on the information in Scenario​ 1, real GDP in 2016​ (in 2015​ dollars) in this economy was

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The Real GDP for 2016 will be the... View the full answer

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