Question 2: National Accounting[30 marks] There are only 3 goods sold in the country of Westland: chocolate, ice cream and smoothies. The following table shows the amount sold and price of each good: 2015 2016 2017 2018 2019 Chocolate Amount sold 100 125 160 140 145 Price per unit 5 6 5.5 6 5 Ice Cream Amount sold 125 130 145 140 100 Price per unit 2 4 5 4.5 4 Smoothie Amount sold 10 16 20 22 25 Price per unit 5 4.5 5 4 4 a) Calculate Westland's nominal GDP for each year. Calculate nominal GDP growth for the years 2016 to 2019. b) Assume 201 5 is the base year and calculate real GDP for each year. By what percentage does real GDP increase in each year compared to the base year? Calculate real GDP growth for the years 2016 to 2019 and compare with the nominal GDP growth. c) Find the GDP deator for each year. By what percentage does the overall level of prices change in each year? d) Suppose now that the company that sells the chocolate, ice cream and smoothies, Sweetworld Inc., downsized its operation and stopped producing Smoothies in 2019. As a result, Westland starts buying packaged smoothies for consumption from Canada. In 2019, 40 smoothies at a price of $3 were purchased. Given this new information, what is nominal GDP for the country of Westland in the year 2019? Assume there are no foreign businesses in Westland, and all sales of smoothies from Canada that go directly to Sweetworld Inc. are used for direct consumption. Sweetworld Inc. does not pay taxes or other fees in Canada