Learning Journal Activity: Part 1 P 2015 2020 2021 Product Quantity Price Quantity Price Quantity Price MP35 40 $250.00 45 $200.00 50 $150.00 Tacos 2,000 2.00 2,200 2.25 2,300 2.40 Coats 300 50.00 310 52.00 350 55.00 Real GDP is an important, although imperfect, indicator of the economic health of a nation. Consider the data above for a simple economy: Using 2015 as the base year, calculate nominal GDP and the real GDP, for 2020 and 2021. Show your work. Part 2 Gross Domestic Product (GDP) is the broadest measure of output for an economy. However, GDP does not perfectly measure the well being of a nation and its citizens' welfare. 0 Discuss what GDP is and what it measures. Discuss 4 shortcomings (limitations) of GDP as a measure of wellibeing and welfare