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Consider a very small economy that produces only two goods, calculators and Scantrons. The prices and quantities for calculators and Scantrons can be found on the following table: Calculators Scantrons Price Quantity Price Quantity 2018 $20 50 $1 200 2019 $25 60 $1 250 a) Calculate the NOMINAL GDP in 2018 $ 1200 b) Calculate the NOMINAL GDP in 2019 $ 1750 c) Calculate the Real GDP in 2018, using 2018 as the base year. $ 1200 d) Calculate the Real GDP in 2019, using 2018 as the base year. $ e) What was the growth rate of real GDP between 2018 and 2019 using 2018 as the base year? f) Using 2018 as the base year. Calculate the GDP deflator in 2018. g) Using 2018 as the base year. Calculate the GDP deflator in 2019

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