Assume an economy is producing only one product. Year 2 is the base year. Output and price data for a five-year period are given.

-Refer to the above data. Nominal GDP for year 3 is:

Question

Assume an economy is producing only one product. Year 2 is the base year. Output and price data for a five-year period are given.
 
-Refer to the above data. Nominal GDP for year 3 is:

Quizplus · Accepted Answer

Nominal GDP for year 3 is $56, which is the sum of consumption ($25), investment ($16), government spending ($10), and net exports ($5).

Assume an Economy Is Producing Only One Product