The table shows some data for an economy which produces only pizzas and tooth paste. The base year is 2018.Question Help ▼Calculate nominal GDP in 2018 and 2019.In 2018Nominal GDP in 2018 is $ItemQuantityPricePizzas91$3 each$5 eachNominal GDP in 2019 is $Tooth paste50In 2019ItemQuantityPricePizzas115$8 eachTooth paste66$4 eachEnter your answer in each of the answer boxes.MERBook ADII>>F12F11F1020888F9F7F8F6F5F4F3escF2F1&%%3D@#72341YRQWtabJKDFGAScaps lock00%24E

Nominal gdp is calculated on the current price.

Answered: Nominal GDP in 2018 is $ Nominal GDP in…

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Nominal GDP in 2018 is $ Nominal GDP in 2019 is S.

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter15: Measuring A Nation's Income

Section: Chapter Questions

Problem 7QR

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