In 2015, the country of Adanac produced 20 kilos of apples and 30 kilos of bananas. Both fruits were used only for final consumption and nothing else was produced. In 2015, a kilo of apples sold for $5 and a kilo of bananas sold for $10. Adanac's nominal GDP in 2015 was $400.

Question

Quizplus · Accepted Answer

Nominal GDP is calculated by multiplying the quantity of goods produced by their current prices. For Adanac in 2015, (20 kilos of apples * $5) + (30 kilos of bananas * $10) = $100 + $300 = $400.

In 2015, the Country of Adanac Produced 20 Kilos of Apples