Question 3. Suppose one country has several outputs (goods and service). The following table shows the quantity and prices of the four items in 2021 and 2022. Using the information given and finish the questions below.

Goods (services) produced	Year 2021	Year 2022
Quantity	Price	Quantity	Price
Refrigerators	6	$1,700	8	$1,800
Smartphones	10	$950	12	$1,000
Pick-up trucks	4	$45,000	4	$48,000
Higher education	2	$20,000	2	$22,000
Video Sharing	40	$125	50	$150

(1) What are major approaches economists use to calculate Gross Domestic Product (GDP)? With the information given above, which approach you can use to calculate GDP in this country? Please shortly explain how this approach works in practice?

(2) What is the nominal GDP in 2021 and in 2022? Remember to show your work in detail here.

(3) Use 2021 as the base year, how much is real GDP in 2021 and 2022.

(4) What values of GDP deflator are in 2021 and 2022? Note: keep two digits after the decimal.

(5) What are nominal and real GDP growth rate from 2021 to 2022 in this country? Note: keep the growth rates as percentage with two digits after the decimal, for example 5.25%.