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Nikolas Nikolas
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GDP and its Calculation


ProductQuantityPrice
Soccer Balls350​$60​
Coffee Mugs750​20​
Bicycles150​350​
Telescopes300​150​
Refer to the table. Consider the table of production and price statistics for a small economy. If the economy only produces the four goods listed in the table, what is the value of nominal GDP for this economy? (Round to the nearest hundredth when appropriate.)

▸ $2130

▸ $580

▸ $81,000

▸ $74,700
Textbook 
Macroeconomics

Macroeconomics


Edition: 3rd
Authors:
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babolat00babolat00
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$81,000

Nominal GDP is calculated as: (quantity of soccer balls x price of soccer balls) + (quantity of coffee mugs x price of coffee mugs) + (quantity of bicycles x price of bicycles) + (quantity of telescopes x price of telescopes).
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Nikolas Author
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3 weeks ago
This calls for a celebration Person Raising Both Hands in Celebration
big_larry_samp
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Yesterday
Helped a lot
africa143
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2 hours ago
Good timing, thanks!
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