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 $350.

Question

Quizplus · Accepted Answer

Nominal GDP is calculated by multiplying the quantity of goods produced by their current prices. For Adanac, the calculation is (20 kilos of apples * $10) + (30 kilos of bananas * $5) = $200 + $150 = $350.

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