Use the following to answer questions :
Table: Price and Output Data
-(Table: Price and Output Data) Look at the table Price and Output Data. Nominal GDP in year 5 is:
A)$1.29.
B)$16.
C)$45.
D)$63.

Question

Use the following to answer questions :
Table: Price and Output Data 
-(Table: Price and Output Data) Look at the table Price and Output Data. Nominal GDP in year 5 is:
A)$1.29. 
B)$16. 
C)$45. 
D)$63.

Quizplus · Accepted Answer

Nominal GDP is calculated by multiplying the price level by the output, so for year 5, Nominal GDP = price level x output = 3 x 21 = $63.

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