The table shows an economy’s total production of final goods and services. Compute nominal GDP. 1. The nominal GDP in 2010 is ___ and in 2011___ ItemShoesOrangesMedicalServicesQuantity82512GDP data2010Price 2010304120Quantity1031122011Price 2011353140

Answered: Item Shoes Oranges Medical Services…

Item Shoes Oranges Medical Services Quantity 8 25 12 GDP data 2010 Price2010 30 4 120 Quantity 10 31 12 2011 Price 2011 35 3 140

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

The table shows an economy’s total production of final goods and services. Compute nominal GDP.

1. The nominal GDP in 2010 is ___ and in 2011___

Item
Shoes
Oranges
Medical
Services
Quantity
8
25
12
GDP data
2010
Price 2010
30
4
120
Quantity
10
31
12
2011
Price 2011
35
3
140

Expert Solution

Step 1

Here, the given table shows three items that are produced in 2010 and 2012 with different market prices.

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