A closed economy produces three products, bread, cloth and rice, in 2019 and 2020, as shown in the table below.

(a) Calculate the nominal GDP and the real GDP in both 2019 and 2020, taking 2019 as the base year.

(b) Compute and compare the nominal GDP growth rate and the real GDP growth rate between 2019 and 2020.Which growth rate will give a more accurate indicator on the performance of the economy?Justify your answers with explanations and diagrams