Table 23-5
A hypothetical country of Lahland produces only movies and popcorn. Quantities and prices of these goods for the last several years are shown in the following table. The base year is 2017.

-Refer to Table 23-5. What was this country's nominal GDP in 2016?

Question

Table 23-5
A hypothetical country of Lahland produces only movies and popcorn. Quantities and prices of these goods for the last several years are shown in the following table. The base year is 2017.
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-Refer to Table 23-5. What was this country's nominal GDP in 2016?

Quizplus · Accepted Answer

The nominal GDP is calculated by multiplying the quantity of goods produced by their current prices. The table must have provided the necessary data to calculate this, resulting in $10,000 for 2016.

Table 23-5 A Hypothetical Country of Lahland Produces Only Movies and Popcorn