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The chart gives prices and output information for the country of New Zealand. Use this information to calculate real and nominal GDP for both years.

The chart gives prices and output information for the country of New Zealand. Use this information to calculate real and nominal GDP for both years. Use 2017 as the baseyear.

2016 2017
Price Quantity Price Quantity
Ice cream $7.00 600 $3.00 400
Blue jeans $70.00 20 $20.00 90
Laptops $300.00 5 $300.00 5

2016nominal GDP:$2016nominal GDP:$

2017nominal GDP:$2017nominal GDP:$

2016real GDP:$2016real GDP:$

2017real GDP:$

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