Gross domestic product (GDP ) using the income and expenditure approaches. 11. The table below gives data on the production and prices in a small economy. Use 2012 as the base period. 2012 2013 Item Quantity Price Quantity Price Burgers $1.50 $1.75 Pepsi $1.00 $1.25 a) What does nominal GDP equal in 2012? What does nominal GDP equal in 2013? c) What does real GDP equal in 2013? as d) Calculate the growth rate in real GDP from 2012-2013 12. Use the table below to answer the following questions. In April 2018 seHero.com Employed 12,000 Unemployed ourd 3,000 During May 2018 Lost jobs and didn't look for new ones Quit jobs and retired ur 10 Looked for work and were hired 150 Discouraged workers 50 New graduates looking for work 30 a) Calculate the unemployment rate at the end of April 2018 b) Calculate the number of people unemployed at the end of May 2018 c) Calculate the number of people employed at the end of May 2018 d) Calculate the unemployment rate at the end of May 2018 13 The