Question

Assume that there are two goods, A and B. In 2001Americans produced 10 units of A at a price $10 and 20 units of B at a price of $20. In 2007Americans produced 30 units of A at a price of $20 and 30 units of B at a price of $40. The Nominal GDP for 2007 is

Answer 1

Answer: $1,800

Step-by-step explanation:

Nominal GDP in 2007 is the market value of the final goods and services produced in the country in that year.

= (30 * 20) + (30 * 40)

= 600 + 1,200

= $1,800