Table 19-8

Consider the following data for Tyrovia, a country that produces only two products: guns and butter.
-Refer to Table 19-8.Nominal GDP for Tyrovia in 2011 equals

Question

Table 19-8
  
Consider the following data for Tyrovia, a country that produces only two products: guns and butter.
-Refer to Table 19-8.Nominal GDP for Tyrovia in 2011 equals

Quizplus · Accepted Answer

Nominal GDP is calculated by summing the current year prices of all goods and services produced. The correct choice is $1,140, assuming the table provides data that supports this calculation.

Table 19-8 Consider the Following Data for Tyrovia, a Country That Produces