Solve clearly

4. Consider the following data for a fictional economy that produces only to products: oranges and shirts. (4 points) Year Oranges produced (g1: Price of oranges Shirts produced (Q) Price of shirts 2000 1800 $.90 100 $30 2001 2000 $1.00 110 $35 3. Refer to the table above and calculate Nominal GDP for this fictional economy in year 2000 and 2001. Present your calculation. b. Refer to the table above and calculate Real GDP for this ctional economy in year 2000 and 2001 using the base-year prices approach. assume year 2000 as the base-year. Present your calculation. :2. Which GDP matters. Nominal GDP or Real GDP? Why? Briey explain. cl. Refer to your answer to part 13. Did the economy grow in 2001? Calculate the rate of economic growth in 2.001. e. Is Real GPD an accurate measure of a society's well-being (happiness)? List some limitation of lGDP as a measure of society's well -being