the economy of Grossmania produces three goods: Widgets, Gizmos, and Thingamajigs. The accompanying table shows output and prices for years 2006 and 2007. (Hint: GDP, in its most basic form, is P x Q. You take the quantity of output and multiply by the price of output.) Gizmos Widgets Year 2006 2007 Price $100 $110 Quantity Price $10 $12 1 1 7. Calculate the nominal GDP for: a. 2006 b. 2007 Thingamajigs Quantity Price $5 $4 8 10 Quantity 4 5

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