Suppose a country only produces bread. In the year 2000 it had produced 100 units of bread, price was Rs. 10 per bread. In 2001, the same country produced 110 units of bread at price was Rs. 15 per bread. In 2001, the nominal and real GDP are: (base year is 2000)
1
Rs. 1,550 and Rs. 1,000
2
Rs. 1,400 and Rs. 2,000
3
Rs. 1,650 and Rs. 1,100
4
Rs. 1,500 and Rs. 1,000