Table 12-13
$\begin{array}{|c|c|c|c|c|}
\hline \text { Year } & \begin{array}{c}
\text { Oranges } \
\text { Produced }
\end{array} & \begin{array}{c}
\text { Price of } \
\text { Oranges }
\end{array} & \begin{array}{c}
\text { Shirts } \
\text { Produced }
\end{array} & \begin{array}{c}
\text { Price of } \
\text { Shirts }
\end{array} \
\hline 2016 & 1,800 & \$ 0.90 & 110 & \$ 30.00 \
\hline 2018 & 2,000 & 1.00 & 110 & 35.00 \
\hline
\end{array}$ Consider the data shown above for Vicuna, a country that produces only two products: oranges and shirts.
-Refer to Table 12-13.Nominal GDP for Vicuna for 2016 equals

Question

Table 12-13
 $\begin{array}{|c|c|c|c|c|}
\hline \text { Year } & \begin{array}{c}
\text { Oranges } \
\text { Produced }
\end{array} & \begin{array}{c}
\text { Price of } \
\text { Oranges }
\end{array} & \begin{array}{c}
\text { Shirts } \
\text { Produced }
\end{array} & \begin{array}{c}
\text { Price of } \
\text { Shirts }
\end{array} \
\hline 2016 & 1,800 & \$ 0.90 & 110 & \$ 30.00 \
\hline 2018 & 2,000 & 1.00 & 110 & 35.00 \
\hline
\end{array}$ Consider the data shown above for Vicuna, a country that produces only two products: oranges and shirts.
-Refer to Table 12-13.Nominal GDP for Vicuna for 2016 equals

Quizplus · Accepted Answer

Nominal GDP for 2016 is calculated by multiplying the quantity of each product by its price and summing the results: (1,800 oranges * $0.90) + (110 shirts * $30.00) = $1,620 + $3,300 = $4,920.

Table 12-13 Consider the Data Shown Above for Vicuna, a Country That