Question 2 Suppose the information in the table is for a simple economy that produces and consumes only four goods and services: textbooks, hamburgers, shirts and cotton. Base Year 2011 Product Textbooks 90 Hamburgers 75 50 2011 . Price Quantity Price $50 $60 100 2 2 120 Shirts 30 25 65 Cotton 100 0.80 0.60 120 Please enter only the numbers (no commas, dollar signs etc.) in the spaces provided. • Calculate the nominal GDP for 2011. 6230 Quantity 2012 100 -100 50 800 • Calculate the nominal GDP for 2012. 7930 2013 Calculate the nominal GDP for 2013. 8479 Quantity Price $65 2.25 25 0.70

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