Table 8-17
A very simple economy produces three goods: movies,burgers,and bikes.The quantities produced and their corresponding prices for 2013 and 2018 are shown in the table above.
-Refer to Table 8-17.What is nominal GDP in 2013?

Question

Table 8-17
  A very simple economy produces three goods: movies,burgers,and bikes.The quantities produced and their corresponding prices for 2013 and 2018 are shown in the table above.
-Refer to Table 8-17.What is nominal GDP in 2013?

Quizplus · Accepted Answer

Nominal GDP can be calculated by multiplying the quantities produced with their corresponding prices and summing them up. Therefore, Nominal GDP in 2013 = (100 x $12) + (250 x $8) + (75 x $20) = $1,200 + $2,000 + $1,500 = $3,320.

Table 8-17 a Very Simple Economy Produces Three Goods: Movies,burgers,and