2. Suppose an economy produces only food and clothing, and that price and quantity data are given in the table below. Year 1 Good Quantity Price Clothing 20 6 Food 10 8 Year 2 Good Quantity Price Clothing 25 10 Food 20 7 a) Calculate Year 1 and Year 2 nominal GDP. b) Suppose that Year 1 is the base year for prices. Calculate Year 1 and Year 2 real GDP. c) Suppose that Year 2 is the base year for prices. Calculate Year 1 and Year 2 real GDP. d) Suppose that Year 1 is the base year for prices. What is the growth rate of real GDP? e) Suppose that Year 2 is the base year for prices. What is the growth rate of real GDP? f) Using the chain-weighted method, what is the growth rate of real GDP? g) Using the chain-weighted method and Year 1 for the base year for prices calculate Year 2 real GDP h) Using the chain-weighted method and Year 2 for the base year for quantities calculate the CPI for year 1. i) Calculate the inflation rate from Year 1 to Year 2 using the CPI you calculated in part h) above