The base year is 2015.A country only produces MP3 players.The price of an MP3 player in 2013 was $50.The price of an MP3 player was $30 in 2015.The quantity of MP3 players produced in 2013 was 10,000 units and in 2015 was 20,000 units.Nominal GDP in 2015 equals
A) $1,000,000.
B) $600,000.
C) $500,000.
D) $200,000.
E) an amount that cannot be determined without information about real GDP in 2010.
Correct Answer:
Verified
Q41: Q50: A business cycle has two turning points, Q54: The calculation of GDP excludes the value Q55: If real GDP is greater than nominal Q95: Nominal GDP can change Q96: An increase in nominal GDP could result Q99: The base year is 2014.A country only Q101: The business cycle is defined as Q103: Australian real GDP Q105: In 1959/60,real GDP totaled $244 billion and
A)only if prices and
A)persistent growth
A)measures the change in the
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