Question: Question 1 (a) The table below shows the data for country Venus for year 2019, 2020 and 2021 , respectively. Price of Milk Quantity of

Question 1 (a) The table below shows the data for country

Question 1 (a) The table below shows the data for country Venus for year 2019, 2020 and 2021 , respectively. Price of Milk Quantity of Milk Price of Honey Quantity of Honey (RM) (quarts) (RM) (quarts) 1 100 2 (i) Based on the information above, compute the values of nominal GDP (gross domestic product) and real GDP for each year (using year 2019 as the base year). (12 marks) (ii) Dene nominal GDP and real GDP. Which measure of GDP nominal or real is a better measurement of economic wellbeing? Why? (9 marks)

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