Guidelines: 1. This is an individual Formative assessment which every student has to submit. 2. Try to answer the question based on critical thinking given from the case study in the class. 3. Submission deadline before prelim exam. 4. Write your section, student id, class time, date and name, in the space allotted above. 5. Attach your answers in A4 MS word format along with this template. Last date of submission is before Test 1 1 GDP is the value of all final goods and services produced. Calculate nominal GDP values using current prices. Calculate real GDP measure these values using the prices of a base year. 2018 2019 P Q P Q good A $31 1,000 $36 1,050 good B $102 200 $100 205