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 $10 and a kilo of bananas sold for $5. Adanac's nominal GDP in 2015 was $400.

Question

Quizplus · Accepted Answer

Nominal GDP is the sum of the total value of goods and services produced in a country, not the total value of goods sold. Since the apples and bananas were solely for final consumption and no other goods or services were produced, the nominal GDP cannot be determined with the given information.

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