Answer the next question based on the following price and output data over a five-year period for an economy that produces only

Question

3 years ago

6

Answer the next question based on the following price and output data over a five-year period for an economy that produces only

one good. Assume that year 2 is the base year. YearUnits of OutputPrice per Unit 18$2 2103 3154 4185 5206 In year 4, nominal GDP would be _____. rev: 04_09_2018 Multiple Choice $60 $120 $316 $90

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1 answer:

marysya [2.9K] · Answer 1 · 2022-09-27T00:27:03+03:00

Answer:

$90

Explanation:

The computation of the nominal GDP for the year 4 is shown below:

= Quantity at year 4 × price of year 4

= 18 × $5

= $90

For determining the Nominal GDP for the year 4 we simply multiply the quantity at year 4 with the price of year 4

Hence, the last option is correct