Table 19-13
$$\begin{array} { | c | c | c | c | c | }
\hline \text { Year } & \begin{array} { c }
\text { Oranges } \
\text { Produced }
\end{array} & \begin{array} { c }
\text { Price of } \
\text { Oranges }
\end{array} & \begin{array} { c }
\text { Shirts } \
\text { Produced }
\end{array} & \begin{array} { c }
\text { Price of } \
\text { Shirts }
\end{array} \
\hline 2013 & 1,800 & \$ 0.90 & 110 & \$ 30.00 \
\hline 2015 & 2,000 & 1.00 & 110 & 35.00 \
\hline
\end{array}$$ Consider the data shown above for Vicuna,a country that produces only two products: oranges and shirts.
-Refer to Table 19-13.Nominal GDP for Vicuna for 2013 equals
A)$4,920.
B)$5,100.
C)$5,300.
D)$5,850.

Question

Table 19-13
 $$\begin{array} { | c | c | c | c | c | } 
\hline \text { Year } & \begin{array} { c } 
\text { Oranges } \
\text { Produced }
\end{array} & \begin{array} { c } 
\text { Price of } \
\text { Oranges }
\end{array} & \begin{array} { c } 
\text { Shirts } \
\text { Produced }
\end{array} & \begin{array} { c } 
\text { Price of } \
\text { Shirts }
\end{array} \
\hline 2013 & 1,800 & \$ 0.90 & 110 & \$ 30.00 \
\hline 2015 & 2,000 & 1.00 & 110 & 35.00 \
\hline
\end{array}$$ Consider the data shown above for Vicuna,a country that produces only two products: oranges and shirts.
-Refer to Table 19-13.Nominal GDP for Vicuna for 2013 equals
A)$4,920.
B)$5,100.
C)$5,300.
D)$5,850.

Quizplus · Accepted Answer

Nominal GDP for 2013 is calculated by multiplying the quantity of each product by its price and summing the results: (1,800 oranges * $0.90) + (110 shirts * $30.00) = $1,620 + $3,300 = $4,920.

Table 19-13 Consider the Data Shown Above for Vicuna,a Country That Produces