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Assume we have an economy that produces and sells only Fidget Spinners and Burritos. In 2016 a total of 250 million fidget spinners were sold at $4 a piece, whereas 300 million burritos were sold for $5 each. In 2017, 300 million fidget spinners were sold at $5 per fidget spinner, whereas 400 million burritos were sold for $6 each. What was the nominal GDP in year 2017? a. $1500 million (or $1.5 billion) b. $3900 million (or $3.9 billion)

Assume we have an economy that produces and sells only Fidget Spinners and Burritos. In 2016 a total of 250 million fidget spinners were sold at $4 a piece, whereas 300 million burritos were sold for $5 each. In 2017, 300 million fidget spinners were sold at $5 per fidget spinner, whereas 400 million burritos were sold for $6 each. What was the nominal GDP in year 2017? a. $1500 million (or $1.5 billion) b. $3900 million (or $3.9 billion)

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Assume we have an economy that produces and sells only Fidget Spinners and Burritos. In 2016 a total of 250 million fidget spinners were sold at $4 a piece, whereas 300 million burritos were sold for $5 each. In 2017, 300 million fidget spinners were sold at $5 per fidget spinner, whereas 400 million burritos were sold for $6 each. What was the nominal GDP in year 2017? a. $1500 million (or $1.5 billion) b. $3900 million (or $3.9 billion)
Transcribed Image Text:Assume we have an economy that produces and sells only Fidget Spinners and Burritos. In 2016 a total of 250 million fidget spinners were sold at $4 a piece, whereas 300 million burritos were sold for $5 each. In 2017, 300 million fidget spinners were sold at $5 per fidget spinner, whereas 400 million burritos were sold for $6 each. What was the nominal GDP in year 2017? a. $1500 million (or $1.5 billion) b. $3900 million (or $3.9 billion)
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