Scenario: An economy produces only cell phones. In 2015, the economy manufactured 275 cell phones, and each cell phone sold for $200. In 2016, the economy manufactured 280 cell phones, but the price of each cell phone fell to $180.
-Refer to the scenario above.What is the nominal GDP of the economy in 2015?
A) $47,000
B) $49,500
C) $55,000
D) $56,000
Correct Answer:
Verified
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