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Which of the following formulas would be used to calculate nominal GDP? (Assume that the current year is different from the base year.)

A

$\text{current year prices}\times\text{current year quantities}$.

B

$\text{current year prices}\times\text{base year quantities}$.

C

$(\text{current year prices} - \text{inflation})\times \text{base year quantities}$.

D

$\text{base year prices} \times \text{base year quantities}$.

E

$\text{base year prices} \times \text{current year quantities}$.

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