Table 8-17
A very simple economy produces three goods: movies,burgers,and bikes.The quantities produced and their corresponding prices for 2011 and 2016 are shown in the table above.
-Refer to Table 8-17.What is nominal GDP in 2011?

Question

Table 8-17
  A very simple economy produces three goods: movies,burgers,and bikes.The quantities produced and their corresponding prices for 2011 and 2016 are shown in the table above.
-Refer to Table 8-17.What is nominal GDP in 2011?

Quizplus · Accepted Answer

To calculate nominal GDP, we multiply the quantities produced by their corresponding prices, and sum those values. In 2011, nominal GDP would be 350*8 + 400*4 + 120*14 = $3,320.

Table 8-17 a Very Simple Economy Produces Three Goods: Movies,burgers,and