Use the following to answer questions: Table: Three-Good Economy II $$\begin{array} { l c c c c }
\hline \text { Product } & \text { Quantity (2008) } & \text { Price (2008) } & \text { Quantity (2009) } & \text { Price (2009) } \
\hline \text { Computers } & 30 & \$ 1,000 & 28 & \$ 995 \
\text { Pizzas } & 100 & 10 & 150 & 15 \
\text { Burgers } & 200 & 200 & 210 & 20 \
\hline
\end{array}$$
-(Table: Three-Good Economy II) Suppose an economy produces only the three final goods shown in the table. The table gives information on the quantities produced and the prices of goods sold in 2008 and 2009. If 2008 prices are used in the calculation of real GDP, then nominal GDP in 2009 is _____ and real GDP in 2009 is _____.
A) $34,310; $33,700
B) $35,350; $34,310
C) $33,700; $35,000
D) $35,000; $33,700

Question

Use the following to answer questions: Table: Three-Good Economy II $$\begin{array} { l c c c c } 
\hline \text { Product } & \text { Quantity (2008) } & \text { Price (2008) } & \text { Quantity (2009) } & \text { Price (2009) } \
\hline \text { Computers } & 30 & \$ 1,000 & 28 & \$ 995 \
\text { Pizzas } & 100 & 10 & 150 & 15 \
\text { Burgers } & 200 & 200 & 210 & 20 \
\hline
\end{array}$$
-(Table: Three-Good Economy II) Suppose an economy produces only the three final goods shown in the table. The table gives information on the quantities produced and the prices of goods sold in 2008 and 2009. If 2008 prices are used in the calculation of real GDP, then nominal GDP in 2009 is _____ and real GDP in 2009 is _____.
A) $34,310; $33,700
B) $35,350; $34,310
C) $33,700; $35,000
D) $35,000; $33,700

Quizplus · Accepted Answer

Nominal GDP is the value of all final goods and services produced in an economy in a given year, valued at current prices. Real GDP is the value of all final goods and services produced in an economy in a given year, valued at constant prices. In this case, 2008 prices are used in the calculation of real GDP.Nominal GDP in 2009 is $35,350 (30 x $1,000 + 150 x $15 + 210 x $20). Real GDP in 2009 is $34,310 (30 x $1,000 + 100 x $10 + 200 x $20).

Use the Following to Answer Questions: Table: Three-Good Economy II