Question

Consider the data shown below for Vicuna, a country that produces only two products: oranges and shirts. Oranges Year Produced Price of Oranges Shirts Produced Price of Shirts 2021 1,800 $0.90 110 $30.00 2022 2,000 1.00 110 35.00 Nominal GDP for Vicuna for 2021 equals A. $5,100. B. $4,920. C. $5,300. D. $5,850.

          Consider the data shown below for Vicuna, a country that produces only two products: oranges and shirts.
Oranges
Year
Produced
Price of
Oranges
Shirts
Produced
Price of Shirts
2021
1,800
$0.90
110
$30.00
2022
2,000
1.00
110
35.00
Nominal GDP for Vicuna for 2021 equals
A. $5,100.
B. $4,920.
C. $5,300.
D. $5,850.

Consider the data shown below for Vicuna, a country that produces only two products: oranges and shirts.
Oranges
Year
Produced
Price of
Oranges
Shirts
Produced
Price of Shirts
2021
1,800
0.90
11030.00
2022
2,000
1.00
110
35.00
Nominal GDP for Vicuna for 2021 equals
A. 5,100.
B.4,920.
C. 5,300.
D.5,850.

Added by Andrea O.

Principles of Economics

Gregory Mankiw 8th Edition

Instant Answer

Solved by Expert Akash M

09/19/2023

Step 1

Nominal GDP for oranges = Quantity of oranges produced × Price of oranges Nominal GDP for oranges = 1800 × $0.90 = $1620 Show more…

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Consider the data shown below for Vicuna, a country that produces only two products: oranges and shirts. Oranges Year Produced Price of Oranges Shirts Produced Price of Shirts 2021 1,800 $0.90 110 $30.00 2022 2,000 1.00 110 35.00 Nominal GDP for Vicuna for 2021 equals A. $5,100. B. $4,920. C. $5,300. D. $5,850.