Refer to the information provided in Table 6.10 below to answer the questions that follow.
Table 6.10
-Refer to Table 6.10. 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) $110.
B) $130.
C) $140.
D) $160.

Question

Refer to the information provided in Table 6.10 below to answer the questions that follow.
Table 6.10 
-Refer to Table 6.10. 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) $110. 
B) $130. 
C) $140. 
D) $160.

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 $110.

Refer to the Information Provided in Table 6