GDP Definitions and Applications

The following table shows outputs (by products and services) of an economy over three years. Finish the question given the information provided here. Here you need to show step-by-step solutions for full credit of this question. Note: you can use the unit as provided.

Product	Agriculture	Manufacture	Services
Year	Price ($)	Unit	Price ($)	Unit	Price ($)	Unit
2020	50.00	100	1,025.00	55	200.00	32
2021	51.50	105	1,065.00	56	220.00	36
2022	52.50	102	1,200.00	57	255.00	40

(1) Recall there are three approaches to measure Gross Domestic Product (GDP) of an economy in a year. Now use your language to explain what are the three approaches to calculate GDP? And what are the difference between nominal GDP and real GDP?

(2) Based on the information above, calculate nominal GDP of the year 2020, 2021 and 2022. You need to show step-by-step solution.

(3) If we choose 2020 as the base year, then how much will be real GDP in the year 2020, 2021 and 2022? You need to show step-by-step solution.

(4) How much is the nominal GDP growth rate from 2020 to 2021, and from 2021 to 2022? And how much is the real GDP growth rate from 2021 to 2022, and from 2021 to 2022? You need to show step-by-step solution.