Suppose the information in the table is for a simple economy that produces and consumes only four goods and services: textbooks, hamburgers, shirts and cotton. Base Year 2011 Product Textbooks 90 Hamburgers 75 50 100 Shirts Cotton 2011 Quantity Price Quantity $50 100 2 100 30 50 0.80 800 Calculate the ominal GDP for 2011. • Calculate the nominal GDP for 2012. 2012 • Calculate the nominal GDP for 2013. Price $60 2 25 0.60 2013 Quantity 100 120 65 120 Price $65 2.25 25 0.70

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