The chart gives prices and output information for the country of New Zealand. Use this information to calculate real and ominal GDP for both years. Use 2017 as the base year. Ice cream Blue jeans Laptops 2016 nominal GDP: $ 2016 real GDP: $ Price $7.00 $70.00 $300.00 2016 Quantity 600 20 5 Price $3.00 $20.00 $300.00 2017 Quantity 2017 nominal GDP: $ 2017 real GDP: $ 400 90 5

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