Consider an economy that produces only chocolate bars. In year 1, the quantity produced is 2 bars and the price is $5. In year 2, the quantity produced is 4 bars and the price is $8. In year 3, the quantity produced is 6 bars and the price is $10.

Using year 1 as the base year, compute nominal GDP, and real GDP for each year. SHOW YOUR COMPUTATIONS

What is the percentage growth rate of real GDP from year 2 to year 3? SHOW YOUR COMPUTATIONS