Question 5 - Nominal GDP in 2013 Sr MSN.com Hotmail. Outlook. Chamberlain Univer

Question

Question 5 - Nominal GDP in 2013

Sr MSN.com Hotmail. Outlook. Chamberlain University XWeek 5: MEL HomeworkX Do Homework - Pamela Harris X https://wwww.mathxl.com/Student/PlayerHomework.aspx?homeworkld Q Search Principles of Economics Pamela Harris 11/24/17 11:06 AM Homework: Week 5 Homework 35 pts Save Score: 0 of 1 pt 5 of 35 (22 complete) HW Score: 61.9%, 21.67 of 35 pts Instructor Assignable 7 Question Help * The table shows an economy's total production and the prices of the final goods it produced in 2013 and 2014 Calculate nominal GDP in 2013 and nominal GDP in 2014. Nominal GDP in 2013 is s In 2013 Item Fish Berries Quantity 120 40 Price $2 $4 In 2014 Item Fish Berries Quantity Price 85 70 Enter your answer in the answer box and then click Check Answer Clear All Check Answer 1:06 PM Type here to search 11/24/20173

Explanation / Answer

Question 5

Calculate the Nominal GDP in 2013 -

Nominal GDP = (Quantity of fish in 2013 * Price of fish in 2013) + (Quantity of berries in 2013 * Price of berries in 2013)

Nominal GDP = (120 * $2) + (40 * $4) = $240 + $160 = $400

The Nominal GDP in 2013 is $400.

Calculate the Nominal GDP in 2014 -

Nominal GDP = (Quantity of fish in 2014 * Price of fish in 2014) + (Quantity of berries in 2014 * Price of berries in 2014)

Nominal GDP = (85 * $5) + (70 * $10) = $425 + $700 = $1,125

The Nominal GDP in 2014 is $1,125.

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