Table 12-11
$$\begin{array} { | c | c | c | c | c | }
\hline \text { Year } & \begin{array} { c }
\text { Guns } \
\text { Produced }
\end{array} & \text { Price af Guns } & \begin{array} { c }
\text { Butter } \
\text { Prodiced }
\end{array} & \begin{array} { c }
\text { Price of } \
\text { Butter }
\end{array} \
\hline 2005 & 80 & \$ 5 & 40 & \$ 4 \
\hline 2013 & 90 & 6 & 60 & 10 \
\hline
\end{array}$$
Consider the following data for Tyrovia, a country that produces only two products: guns and butter.
-Refer to Table 12-11.Nominal GDP for Tyrovia in 2013 equals

Question

Table 12-11
 $$\begin{array} { | c | c | c | c | c | } 
\hline \text { Year } & \begin{array} { c } 
\text { Guns } \
\text { Produced }
\end{array} & \text { Price af Guns } & \begin{array} { c } 
\text { Butter } \
\text { Prodiced }
\end{array} & \begin{array} { c } 
\text { Price of } \
\text { Butter }
\end{array} \
\hline 2005 & 80 & \$ 5 & 40 & \$ 4 \
\hline 2013 & 90 & 6 & 60 & 10 \
\hline
\end{array}$$ 
Consider the following data for Tyrovia, a country that produces only two products: guns and butter.
-Refer to Table 12-11.Nominal GDP for Tyrovia in 2013 equals

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. In this case, the nominal GDP of Tyrovia in 2013 is equal to the value of guns produced in 2013 plus the value of butter produced in 2013. The value of guns produced in 2013 is equal to 90 guns * $6 per gun = $540. The value of butter produced in 2013 is equal to 60 pounds of butter * $10 per pound = $600. Therefore, the nominal GDP of Tyrovia in 2013 is $540 + $600 = $1,140.

Table 12-11 Consider the Following Data for Tyrovia, a Country That Produces