8-14. Consider the following table for the economy of a
nation whose residents produce four final goods.
2019
2020
Good
Price
Quantity
Price
Quantity
Computers $1,000
10 $800
15
Bananas
6 3,000
11 1,000
Televisions
100
500
150
300
Cookies
1 10,000
2
10,000
Assuming a 2018 base year:
a. What is nominal GDP for 2019 and 2020?
b. What is real GDP for 2019 and 2020?