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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 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.
This document contains various important questions and their appropriate answers in the subject field of Economics.
Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.
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