Homework SourseYear Price of Good 1 Quantity of Good 1 Price of Good 2 Quan
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 |
Solution
nOMINAL gdp IN 2014 is 2400 as it is equal to 60*30+20*30 = 1800+600 = 2400
