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Calculating GDP Practice Calculating GDP The economy of Lambland produces three goods: Widgets, Gizmos, and Thing-a-ma-gigs. Th accompanying table shows the output and prices for the years 2006 and 2007. Widgets Gizmos Thingamajigs Year Price Quantity Price Quantity Price Quantity 2006 $100 1 $10 8 $5 4 2007 $110 $12 10 $4 5 1. Calculate the nominal GDP for: a. 2006- b. 2007= Converting Nominal GDP to Real GDP Nominal GDP GDP deflator Population Year 3 $5,000 125 11 Year 4 $6,600 150 12 2. Calculate the real GDP in a. Year 3= b. Year 4- Calculating Real Rate of Economic Growth 3. What is the rate of real output growth between Years 3 and 4