Suppose that a simple economy produces only the following four goods and services: shoes, hamburgers, shirts, and cotton. Further, assume that all of the cotton is used to produce shirts. Use the information in the following table to calculate Nominal Gross Domestic Product (Nominal GDP) for 2022. PRODUCTION AND PRICE STATISTICS FOR 2022 Price $65.00 3.00 30.00 0.75 The Nominal GDP for the year 2022 is $ Product Shoes Hamburgers Shirts Cotton Quantity 125 110 60 2,200

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