-Refer to Table 5-2. What is the nominal GDP?
A) $680 for 2017, $880 for 2018, and $1200 for 2019
B) $760 for 2017, $880 for 2018, and $1000 for 2019
C) $760 for 2017, $1100 for 2018, and $1600 for 2019
D) $960 for 2017, $1280 for 2018, and $1300 for 2019

Question

-Refer to Table 5-2. What is the nominal GDP?
A) $680 for 2017, $880 for 2018, and $1200 for 2019 
B) $760 for 2017, $880 for 2018, and $1000 for 2019 
C) $760 for 2017, $1100 for 2018, and $1600 for 2019 
D) $960 for 2017, $1280 for 2018, and $1300 for 2019

Quizplus · Accepted Answer

Nominal GDP is calculated by summing the current year prices of goods and services multiplied by their current year quantities. Without the specific data from Table 5-2, the correct answer cannot be directly identified from the provided options. However, the choice that correctly calculates nominal GDP would involve summing the products of current year quantities and current year prices for each year listed.