Question 1 (15 marks) The following table records the total output and prices for an entire economy for two products, sugar and Rice in 2019 and 2020. Suppose the base year in the following table is 2019. Year Price of Sugar Quantity of Sugar Price of Rice Quantity of Rice in per KG in tones per KG bones 2019 $2.00 200 $10:00 50 2020 $2 00 220 $11:00 50 a. What is the value of nominal GDP in 2019 and 2020? Shows your calculations. Answer: b. What is the value of real GDP in 2019 and 20207 Shows your calculations. Answer: What is the value of the GDP deflator in 20197 Shows your calculations. Answer: d. What is the value of the GDP deflator in 2020? Shows your calculations. Answer e. From 2019 to 2020, prices rose approximately what percentage? Shows your calculations. Answer: h. Wins the increase in nominal GDP from 2019 to 2020 mostly due to an increase in real output or due to an increase in prices