Homework Answers
Real GDP = Base Year Price * Quantity
Real GDP in 2017 = (2*220)+ (4*100)
Real GDP in 2017 = 440 + 400
= $840
Therefore, the correct option is A.) $840.
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Look at the table Lemonade and Cookies. Assume that an economy produces only lemonade and cookies.
Look at the table Lemonade and Cookies. Assume that an economy produces only lemonade and cookies. What is the nominal GDP in 2017? (2016 is Base Year) $840 $800 $1050 $1000
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