The chart below gives prices and output information for the country of Utopia. Use this information to calculate real and nominal GDP for both years. Use 2001 as the base year. Year 2000 2001
Price Quantity Price Quantity
Ice Cream $7.00 600 $3.00 400
Blue Jean $70.00 20 $ 20.00 90
Laptops $300.00 5 $300.00 5
2000 nominal GDP = $
2001 nominal GDP = $
2000 real GDP = $
2001 real GDP = $