Table 19-11
Consider the following data for Tyrovia, a country that produces only two products: guns and butter.
-Refer to Table 19-11. Nominal GDP for Tyrovia in 2018 equals

Question

Table 19-11
  Consider the following data for Tyrovia, a country that produces only two products: guns and butter.
-Refer to Table 19-11. Nominal GDP for Tyrovia in 2018 equals

Quizplus · Accepted Answer

Nominal GDP is calculated by summing the current year prices multiplied by the current year quantities for all goods and services produced. The correct calculation based on the provided data results in $1,140.

Table 19-11 Consider the Following Data for Tyrovia, a Country