Refer to the information provided in Table 6.9 below to answer the questions that follow.
Table 6.9
-Refer to Table 6.9. Assume that this economy produces only two goods Good X and Good Y. The value for this economy's nominal GDP in year 1 is
A) $140.
B) $160.
C) $180.
D) $200.

Question

Refer to the information provided in Table 6.9 below to answer the questions that follow.
Table 6.9 
-Refer to Table 6.9. Assume that this economy produces only two goods Good X and Good Y. The value for this economy's nominal GDP in year 1 is
A) $140. 
B) $160. 
C) $180. 
D) $200.

Quizplus · Accepted Answer

The value of nominal GDP is equal to the sum of the values of all final goods and services produced in an economy in a given period of time. In this case, the value of nominal GDP in year 1 is equal to the sum of the values of Good X and Good Y, which is $140.

Refer to the Information Provided in Table 6