Table 23-8
A country produces only meat and potatoes in the quantities and prices listed below. Use 2011 as the base year.
-Refer to Table 23-8. In 2012, nominal GDP is

Question

Table 23-8
A country produces only meat and potatoes in the quantities and prices listed below. Use 2011 as the base year. 
-Refer to Table 23-8. In 2012, nominal GDP is

Quizplus · Accepted Answer

Nominal GDP is the value of all final goods and services produced in an economy in a given year, valued at current prices. Real GDP is the value of all final goods and services produced in an economy in a given year, valued at constant prices. In 2012, nominal GDP was $191.50 and real GDP was $170.

Table 23-8 A Country Produces Only Meat and Potatoes in the Quantities