Question

1. Consider an economy that produces and consumes coffee and tea. In the following table are data for two different years. Using the year 2019 as base year, what is the nominal GDP for the year 2019?

	2019		2020
Good	Quantity	Price	Quantity	Price
Coffee	100	$50,000	120	$60,000
Tea	500,000	$10,000	400,000	$20,000

1. $3,500,000,000

2. $4,500,000,000

3. $5,500,000,000

4. $6,500,000,000