Question 1 (3 marks) Country Z only produces rice and milk. During the year 2021, the country produced a total of 100 kg rice and 200 liters milk. 30 kg rice was used to produce 15 rice-cakes and 150 liters of milk was used to produce 30 packets of cheese. All the rice cakes and cheese were exported to Country B. The rest of the rice and milk was consumed by the households of Country Z.

Country B bought the rice-cakes for $2 each and the cheese for $4 per packet. The rice and milk were sold in the domestic market of Country Z for $1 per kg and $2 per liter respectively.

Calculate the nominal GDP of Country Z in the year 2021. Show all the steps in your calculation.