Assume the inflation rate in 2016 is 1.3 percent. If the nominal GDP grew 3.5 percent and nominal wages grew 2.6 percent, what are the approximate real growth rates of GDP and wages?
A. 3.05%; 0.90%
B. 2.10%; 1.10%
C. 2.20%; 1.30%
D. 2.20%; 1.20%
E. 2.00%; 0.80%
Answer: C
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