How to calculate

5. Suppose an economy produces only two goods, potatoes and wine. The following table shows the production and prices of each good in 2 consecutive years: Wine Potatoes P1 $1 $2 Q1 1,000 500 P2 $1 $3 Q2 1,500 500 where Pt represents the price in year t and Qt represents the quantity in year t. (a) (5 points) Calculate nominal GDP in both years as well as the growth rate of nominal GDP