Year Price of Good 1 Quantity of Good 1 Price of Good 2 Quantity of Good 2 2009
ID: 1258732 • Letter: Y
Question
Year
Price of Good 1
Quantity of Good 1
Price of Good 2
Quantity of Good 2
2009
$20
50
$10
20
...
...
...
...
...
2014
$30
60
$20
30
2015
$33
70
$22
35
Consider the table above that shows prices and quantities of two goods produced in a hypothetical country. The base year is 2009. The nominal GDP in 2014 equals:
Nominal GDP in 2014 = 1,800
Nominal GDP in 2014 = 1,900
Nominal GDP in 2014 = 2,000
Nominal GDP in 2014 = 2,200
Nominal GDP in 2014 = 2,400
None of the above.
Year
Price of Good 1
Quantity of Good 1
Price of Good 2
Quantity of Good 2
2009
$20
50
$10
20
...
...
...
...
...
2014
$30
60
$20
30
2015
$33
70
$22
35
Explanation / Answer
nOMINAL gdp IN 2014 is 2400 as it is equal to 60*30+20*30 = 1800+600 = 2400
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