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Suppose That Real GDP Grew Faster Than Nominal GDP Between

question 99

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Suppose that real GDP grew faster than nominal GDP between year 1 and year 2. What must have happened to prices on average?


Definitions:

Small States

Countries or regions with relatively low population and/or land area, often with limited economic or political power on the global stage.

Northern States

Refers to those states in the United States located in the North, historically known for their opposition to slavery during the Civil War era.

Southern States

States located in the southern region of the United States, often characterized by unique historical, cultural, and social traits.

Articles of Confederation

The initial agreement between the 13 American states that served as the United States' first constitution, establishing a confederation of sovereign states with a weak central government.

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