Use the following to answer questions:
-(Table: Lemonade and Cookies) Use Table: Lemonade and Cookies. Assume that an economy produces only lemonade and cookies. Nominal GDP in 2014 was:
A) $400.
B) $420.
C) $445.
D) $820.

Question

Use the following to answer questions: 
-(Table: Lemonade and Cookies) Use Table: Lemonade and Cookies. Assume that an economy produces only lemonade and cookies. Nominal GDP in 2014 was:
A) $400. 
B) $420. 
C) $445. 
D) $820.

Quizplus · Accepted Answer

Nominal GDP in 2014 can be calculated by adding the total value of lemonade and cookies produced that year. In this case, it would be $165 (value of lemonade) + $280 (value of cookies) = $445. Therefore, the correct answer is C.

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