Problem 1 In class we outlined an economy that produced only Houses (H). We then outlined nominal GDP (nGDP) and real GDP using 2012 dollars, which we write as rGDP ($2012), for 2012, 2013, and 2014. Your first task is simply to fill in the rest of the table below. rGDP ($2013) and rGDP ($2014) denote real GDP using 2013 and 2014 prices, respectively. Recall: Real GDP is calculated by multiplying the quantity of goods produced by constant prices from some baseline year. Table 1: Economy Year # of H Price of H nGDP rGDP ($2012) rGDP ($2013) rGDP ($2014) 2012 8 $100,000 $800,000 $800,000 $2,400,000 2013 10 $150,000 $1,500,000 $1,000,000 $1,500,000 2014 15 $300,000 $4,500,000 $ 1,500,000 $4,500,000