Question: 1 . ( GDP related question ) . Use the following data to answer the following questions 2 An economy produces only T - shirt

1.(GDP related question). Use the following data to answer the following questions 2An economy produces only T-shirt and Wheat. The base year is 2011, and the table gives the quantities produced and the prices.Items 20112012Quantities Price Quantities PriceT-shirt 10 $5.008 $7Wheat 20 $1.2550 $1.40(i) Calculate nominal GDP in 2011 and 2012(ii) Calculate real GDP in 2011 and 2012 expressed in base year prices(iii) Calculate Chain dollar GDP growth rate

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