Table 19-11
$$\begin{array} { | c | c | c | c | c | }
\hline \text { Year } & \begin{array} { c }
\text { Guns } \
\text { Produced }
\end{array} & \text { Price af Guns } & \begin{array} { c }
\text { Butter } \
\text { Produced }
\end{array} & \begin{array} { c }
\text { Price of } \
\text { Butter }
\end{array} \
\hline 2007 & 80 & \$ 5 & 40 & \$ 4 \
\hline 2016 & 90 & 6 & 60 & 10 \
\hline
\end{array}$$ Consider the following data for Tyrovia,a country that produces only two products: guns and butter.
-Refer to Table 19-11.Nominal GDP for Tyrovia in 2016 equals
A)$1,140.
B)$880.
C)$690.
D)$560.

Question

Table 19-11
 $$\begin{array} { | c | c | c | c | c | } 
\hline \text { Year } & \begin{array} { c } 
\text { Guns } \
\text { Produced }
\end{array} & \text { Price af Guns } & \begin{array} { c } 
\text { Butter } \
\text { Produced }
\end{array} & \begin{array} { c } 
\text { Price of } \
\text { Butter }
\end{array} \
\hline 2007 & 80 & \$ 5 & 40 & \$ 4 \
\hline 2016 & 90 & 6 & 60 & 10 \
\hline
\end{array}$$ Consider the following data for Tyrovia,a country that produces only two products: guns and butter.
-Refer to Table 19-11.Nominal GDP for Tyrovia in 2016 equals
A)$1,140.
B)$880.
C)$690.
D)$560.

Quizplus · Accepted Answer

Nominal GDP is calculated by multiplying the quantity of each good produced by its price in the same year and summing the results. For 2016: (90 guns * $6) + (60 butter * $10) = $540 + $600 = $1,140.

Table 19-11 Consider the Following Data for Tyrovia,a Country That Produces Only