00:01
Okay, so i see that you need help with this and it wants to know which of the following best describes what happened to real gdp and nominal gdp between 2016 and 2017.
00:13
So to find nominal gdp for 2016, you're going to have to take the quantity produced times the price for each one of these items.
00:27
You're going to multiply and then you're going to total them up.
00:33
So that is 1 ,000 and 5 ,500 and then 2 ,000.
00:41
And if i total all of these up, that's going to be $8 ,500.
00:53
Then for nominal gdp, for 2017, i'm going to multiply each one of these.
01:04
So 20 times 75 is 1 ,500.
01:12
1 ,000 times 60 is 6 ,000.
01:17
And then 25 times 100 is 2 ,500.
01:25
Then what you're gonna do next is if you total them, you get 10 ,000...