Using the information below on the production of goods in Bongolongo, calculate and explain the following: a. Nominal and Real GDP for each year. b. If only 1/3 of all lego produced in Bongolongo was sold in Bongolongo and the remainder exported to other countries - how does this change your answer to (a). Explain. Year Q of Price Q of Q of Q of Q of apples per kg lego per lego (kg) Price Price Price Price shirts of shorts per milk er shirts short (litres) litre apples pack milk 2014 25 $34 15 $32 200 $2.50 320 $3.50 65 $8.50 2015 32 $34 25 $30 220 $2.00 400 $3.50 60 $12 2016 32 $40.50 36 $35 230 $3.00 420 $3.00 55 $15 c. The average person in Bongolongo consumes 6 shirts, 4 pairs of shorts, 20L of milk, 7kg of apples and pack of lego each year. This is unchanged over the 3 years. What is the CPI for each year? Explain. d. Is the standard of living/prosperity of the economy increasing over time? Explain your answer. e. We know GDP doesn't give the best indicator of a country's level of prosperity. Why not? What other (one) indicator would you choose to look at? Explain your answer.