Use the following to answer questions:
Table: Real and Nominal Output
-(Table: Real and Nominal Output) Look at the table Real and Nominal Output. Nominal GDP in year 4 is equal to:
A)$40.
B)$60.
C)$100.
D)$280.

Question

Use the following to answer questions:
Table: Real and Nominal Output 
-(Table: Real and Nominal Output) Look at the table Real and Nominal Output. Nominal GDP in year 4 is equal to:
A)$40. 
B)$60. 
C)$100. 
D)$280.

Quizplus · Accepted Answer

Nominal GDP is calculated by multiplying the quantity of goods and services produced by their current market prices, which is shown in the table as "Output at Current Prices." Therefore, the nominal GDP in year 4 is $20 x 14 = $280.

Use the Following to Answer Questions