View the step-by-step solution to: If nominal GDP in some year is $280 and real GDP is $160. The GDP

If nominal GDP in some year is $280 and...
If nominal GDP in some year is $280 and real GDP is $160. The GDP price index for that year is: (Hint: Here you are given the real GDP, nominal GDP and you are solving for the price index of that year. To do it, use the price index of the base year, 100, as the numerator of the fraction you will multiply nominal GDP by

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