Homework Answers
Nominal GDP = Current Year Output * Current Year Price.
Nominal GDP = (Quantity of Good A * Price of Good A) + (Quantity of Good B * Price of Good B) + (Quantity of Good C * Price of Good C)
Nominal GDP = (10 * $2) + (30 * $3) + (5 * $1)
Nominal GDP = $20 + $90 + $5
Nominal GDP = $115.
Answer: $115
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Q3)
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