Table 12-8 -Refer to Table 12-8

Essay

Table 12-8
$\begin{array}{|l|c|r|}\hline \text { Product } & \text { Quantity } & \text { Price } \\\hline \text { Sweaters } & 50 & \$ 50.00 \\\hline \text { CDs } & 150 & 10.00 \\\hline \text { Sugar } & 600 & 1.00 \\\hline \text { Soft drinks } & 800 & 0.75 \\\hline\end{array}$
-Refer to Table 12-8.Suppose that a simple economy produces only four goods and services: sweaters,CDs,sugar,and soft drinks.Assume one half of the sugar is used in making the soft drinks and the other half of the sugar is purchased by households.Calculate nominal GDP for this simple economy.