Table 12-17
$$\begin{array} { | l | c | c | c | c | }
\hline & { \mathbf { 2 0 0 6 } } && \mathbf { 2 0 1 3 } & \
\hline \text { Product } & \text { Quantity } & \text { Price } & \text { Quantity } & \text { Price } \
\hline \text { Movies } & 20 & \$ 6.00 & 30 & \$ 7.00 \
\hline \text { Burgers } & 100 & 2.00 & 90 & 2.50 \
\hline \text { Bikes } & 3 & 1,000.00 & 6 & 1,100.00 \
\hline
\end{array}$$
A very simple economy produces three goods: movies, burgers, and bikes.The quantities produced and their corresponding prices for 2006 and 2013 are shown in the table above.
-Refer to Table 12-17.What is nominal GDP in 2006?

Question

Table 12-17
 $$\begin{array} { | l | c | c | c | c | } 
\hline & { \mathbf { 2 0 0 6 } } && \mathbf { 2 0 1 3 } & \
\hline \text { Product } & \text { Quantity } & \text { Price } & \text { Quantity } & \text { Price } \
\hline \text { Movies } & 20 & \$ 6.00 & 30 & \$ 7.00 \
\hline \text { Burgers } & 100 & 2.00 & 90 & 2.50 \
\hline \text { Bikes } & 3 & 1,000.00 & 6 & 1,100.00 \
\hline
\end{array}$$ 
A very simple economy produces three goods: movies, burgers, and bikes.The quantities produced and their corresponding prices for 2006 and 2013 are shown in the table above.
-Refer to Table 12-17.What is nominal GDP in 2006?

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 2006, the nominal GDP is calculated as:20 movies * $6.00 + 100 burgers * $2.00 + 3 bikes * $1,000.00 = $3,320

Table 12-17 A Very Simple Economy Produces Three Goods: Movies, Burgers, and |