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 2013 equals

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 2013 equals

Quizplus · Accepted Answer

Nominal GDP is calculated by summing the current year prices of all goods and services produced. The correct calculation based on the table data results in $1,140.

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