Table 12-7 -Refer to Table 12-7

Essay

Table 12-7
$\begin{array}{|l|c|c|}\hline \text { Product } & \text { Quantity } & \text { Price } \\\hline \text { iPods } & 20 & \$ 125.00 \\\hline \text { T-shirts } & 100 & 20.00 \\\hline \text { Bottled water } & 2,000 & 1.00 \\\hline \text { Pranges } & 600 & 0.50 \\\hline\end{array}$
-Refer to Table 12-7.Suppose that a simple economy produces only four goods and services: iPods,t-shirts,bottled water,and oranges.Calculate nominal GDP for this simple economy.