Macro_Homework_1(1) Q ~ Search in Document Home Insert Design Layout References Mailings Review View Acrobat '+ Share ~ Times New R... * 11 AaBbCcDdE AaBbCcDdE AaBbCcDc AaBbCcDdE Paste B I U . abe X2 X2 A & . A. Normal No Spacing Heading 1 Heading 2 Styles Create and Share Request Pane Adobe PDF Signatures 2/4 4. Real - Vs. - Nominal GDP The economy of country X produces 2 goods, bread and butter. In 2019, 740,000 units of bread was sold at $0.55 each and 650,000 units of butter at $0.64 each. From 2019 to 2020, price of bread increased to $0.70 and the units sold fell to 710,000; the price of butter fell to $0.60 and units sold rose to 688,900. a. Calculate Nominal GDP in 2019 and 2020, then calculate Real GDP in 2020 using 2019 as the base year. (9 points) 2019 Nominal value for Bread: $ 2019 Nominal value for Butter: $ 2019 Nominal GDP: $ 2020 Nominal value for Bread: $_ 2020 Nominal value for Butter: $ 2020 Nominal GDP: $ 2020 Real value for Bread: $ 2020 Real value for Butter: $ 2020 Real GDP: $ b. To evaluate GDP growth rate which of the two values, Real GDP or Nominal GDP, should be used? Explain your answer. (4 points) Page 3 of 4 778 words [ English (United States) E + 116%