Table 12-11
$\begin{array}{|c|c|c|c|c|}
\hline \text { Year } & \begin{array}{c}
\text { Guns } \
\text { Produced }
\end{array} & \text { Price of Guns } & \begin{array}{c}
\text { Butter } \
\text { Produced }
\end{array} & \begin{array}{c}
\text { Price of } \
\text { Butter }
\end{array} \
\hline 2009 & 80 & \$ 5 & 40 & \$ 4 \
\hline 2018 & 90 & 6 & 60 & 10 \
\hline
\end{array}$ 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 2018 equals

Question

Table 12-11
 $\begin{array}{|c|c|c|c|c|}
\hline \text { Year } & \begin{array}{c}
\text { Guns } \
\text { Produced }
\end{array} & \text { Price of Guns } & \begin{array}{c}
\text { Butter } \
\text { Produced }
\end{array} & \begin{array}{c}
\text { Price of } \
\text { Butter }
\end{array} \
\hline 2009 & 80 & \$ 5 & 40 & \$ 4 \
\hline 2018 & 90 & 6 & 60 & 10 \
\hline
\end{array}$ 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 2018 equals

Quizplus · Accepted Answer

Nominal GDP is calculated by multiplying the quantity of each good produced by its price in the same year and summing the results. For 2018: (90 guns * $6) + (60 butter * $10) = $540 + $600 = $1,140.

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