Data for 2019ItemPriceQuantityMarket ValueTables$10010$1,000Chairs$25100$2,500Nominal GDP$3,500Data for 2020ItemPriceQuantityMarket ValueTables$11015$1,650$3,600$5,250Chairs$30|120Nominal GDPUsing the data above, what is real GDP for 2020 assuming 2019 is the reference base year?$5,100$5,250O $4,500O $3,500Cannot determine from the information above

Correct: $4500 Real GDP is the sum of product of base year price and current year quantity of goods…

Data for 2019 Item Price Quantity Market Value Tables $100 10 $1,000 Chairs $25 100 $2,500 Nominal GDP $3,500 Data for 2020 Item Price Market Value $1,650 Quantity Tables $110 15 Chairs $30 120 $3,600 Nominal GDP $5,250 Using the data above, what is real GDP for 2020 assuming 2019 is the reference base year? $5,100 $5,250 $4,500 $3,500 O Cannot determine from the information above