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I'm having troubles understanding GDP Shirts Pants Year Price Quantity Price Quantity 2013 $7.00 500 2.00 2500 2014 0.00 500 7.50 2000 The table contains

I'm having troubles understanding GDP

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Shirts Pants Year Price Quantity Price Quantity 2013 $7.00 500 2.00 2500 2014 0.00 500 7.50 2000 The table contains prices and output for a two good economy. Nominal and real GDP in 2013 are both $33,500. Use the information in the table to answer the questions. What is nominal GDP in 2014? What is real GDP in 2014? Use 2013 as the base year. Real output from 2013 to 2014 has

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