Use the following table for a hypothetical single-product economy. $\begin{array}{c}
\begin{array}{c}
\
\underline{\text { Year }} \
1 \
2 \
3 \
4
\end{array}
\begin{array}{c}
\text {Units of}\
\underline{\text { Output}}\
10\
12\
15\
20
\end{array}
\begin{array}{c}
\text { Price of Bagel}\
\underline{\text { Per Unit}}\
\$ 10\
20\
30\
40
\end{array}
\begin{array}{c}
\text {Price Index}\
\underline{\text {( Year 1=100)}}\
100\
200\
300\
400
\end{array}
\end{array}$
Refer to the data.Nominal GDP in year 4 is:

Question

Use the following table for a hypothetical single-product economy. $\begin{array}{c}
\begin{array}{c}
\
\underline{\text { Year }} \
 1 \
2 \
3 \
4
\end{array}
\begin{array}{c}
\text {Units of}\
\underline{\text { Output}}\
10\
12\
15\
20
\end{array}
\begin{array}{c}
\text { Price of Bagel}\
\underline{\text {  Per Unit}}\
\$ 10\
20\
 30\
 40
\end{array}
\begin{array}{c}
\text {Price Index}\
\underline{\text {( Year 1=100)}}\
100\
200\
300\
400
\end{array}
\end{array}$
 Refer to the data.Nominal GDP in year 4 is:

Quizplus · Accepted Answer

Nominal GDP is calculated by multiplying the units of output by the price per unit. In year 4, the output is 20 units and the price per unit is $40, so nominal GDP is 20 * $40 = $800.

Use the Following Table for a Hypothetical Single-Product Economy Refer to the Data