Question

11. Suppose domestically-produced apples have a price of $1.50 per pound and domestically-produced oranges have a price of $2.50. What combined contribution does domestic production of 2,000 pounds of apples and 1,000 pounds of oranges made to nominal GDP

Answer 1

Answer: $5500

Step-by-step explanation:

Nominal GDP is when th current market prices of goods is being used to calculate the value of every goods and services for that particular country.

To solve this, we have to multiply the quantity of the goods by their prices. This will be:

= (2000 × $1.50) + (1000 × $2.50)

= $3000 + $2500

= $5500