Lesson 1 Examples Example 1.1 - Calculating Nominal and Real GDP You are given the following data about 4 different goods produced in a country; orange juice, oranges (half of which are used in the production of orange juice and half of which are consumed by families), pens, and scissors. The prices and quantities produced are given over a 2-year period. 2013 2014 Price Quantity Price Quantity Orange Juice $8.00 20 $9.00 23 Oranges $5.00 14 $5.00 16 Pens $2.00 30 $2.25 35 Scissors $5.00 12 $5.50 11 a) Calculate the NGDP in each year. b) Calculate the RGDP in each year assuming 2013 is the base year. c) What is the growth rate between these two years