An economy produces only robots, pens, and pizza

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Question

An economy produces only robots, pens, and pizza

The table gives the quantities produced and prices in 2016 and 2017

The base your is 2016

What is nominal GDP in 2016 and in 2017?

Nominal GDP in 2016 is $_______

Nominal GDP in 2017 is $_______

A south sea island produces only coconuts

In 2010, the price of a coconut is $2.00 and the quantity produced is 350

In 2017, the price of a coconut is $1.50 and the quantity produced is 300

2010 is the base year

Real GDP in 2017 is

A $700
B $600
C. $450
D. $525

business economics

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Answer 1

Answer #1

Ans) 1) Nominal GDP = Price in given year × Quantity in given year

2)

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Answer 2

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An economy produces only robots, pens, and pizza

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