The base year is 2011. A country only produces Blu-ray players. The price of a Blu-ray player in 2011 was $100. The price of a Blu-ray player was $90 in 2012. The quantity of Blu-ray players Produced in 2011 was 10,000 units and in 2012 was 10,500 units. Nominal GDP in 2012 equals
A)$1,050,000.
B)$900,000.
C)$945,000.
D)$1,000,000.
E)an amount that cannot be determined without information about nominal GDP in 2008.

Question

Quizplus · Accepted Answer

The Answer of The base year is 2011. A country only produces Blu-ray players. The price of a Blu-ray player in 2011 was $100. The price of a Blu-ray player was $90 in 2012. The quantity of Blu-ray players Produced in 2011 was 10,000 units and in 2012 was 10,500 units. Nominal GDP in 2012 equals
A)$1,050,000.
B)$900,000.
C)$945,000.
D)$1,000,000.
E)an amount that cannot be determined without information about nominal GDP in 2008.

The Base Year Is 2011