1.Two products,pencilsand notebooks, are produced in one country, as follows(4 points)

Year

Price of pencils

Quantity of pencils

Price of notebooks

Quantity of notebooks

2016

$2.00

100

$5.00

180

2017

$1.50

120

$5.25

230

2018

$3.00

130

$7.00

200

a.Calculate the nominal GDP for each year.

b.Calculate the rates of growth of the nominal GDP between each year.

c.Calculate the real GDP for each year, using 2017 as the base year.

d.Has the economy grown between 2016 and 2017, and between 2017 and 2018? Why?