Question

O Table: Price and Output Data) Use Table: Price and Output Data. Nominal GDP in year 5 is: ​ Year Output Price per Unit 1 2 $2 2 3 $4 3 = base period 4 $5 4 6 $6 5 7 $9 ​ Group of answer choices $1.29. $16. $45..

Answer 1

To calculate the nominal GDP in year 5, you need to multiply the output by the price per unit for each year and add up the values.

Step-by-step explanation:

In order to calculate nominal GDP, we multiply the output by the price per unit for each year. Using the table given:

• Year 1: 2 x $2 = $4
• Year 2: 3 x $4 = $12
• Year 3: 4 x $5 = $20
• Year 4: 6 x $6 = $36
• Year 5: 7 x $9 = $63

To find the nominal GDP in year 5, we add up the values for each year: $4 + $12 + $20 + $36 + $63 = $135.