Table 8-11
Consider the following data for Tyrovia,a country that produces only two products: guns and butter.
-Refer to Table 8-11.Nominal GDP for Tyrovia in 2018 equals
A)$1,140.
B)$880.
C)$690.
D)$560.

Question

Table 8-11
  Consider the following data for Tyrovia,a country that produces only two products: guns and butter.
-Refer to Table 8-11.Nominal GDP for Tyrovia in 2018 equals
A)$1,140. 
B)$880. 
C)$690. 
D)$560.

Quizplus · Accepted Answer

Nominal GDP is calculated by multiplying the quantity of goods produced by their current prices. Without the specific data from Table 8-11, the correct answer is based on the assumption that choice A ($1,140) is the result of such a calculation for Tyrovia in 2018.

Table 8-11 Consider the Following Data for Tyrovia,a Country That