Answer the question on the basis of the following information: Only three goods are produced in an economy in the following amounts: A = 10, B = 30, C = 5. The current year per unit prices of these three goods are A = $2, B = $3, and C = $1.
Refer to the information. Nominal GDP in the current year is:
$110.
$115.
$45.
$90.

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09-12-2022
Business

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Answer the question on the basis of the following information: Only three goods are produced in an economy in the following amounts: A = 10, B = 30, C = 5. The current year per unit prices of these three goods are A = $2, B = $3, and C = $1.
Refer to the information. Nominal GDP in the current year is:
$110.
$115.
$45.
$90.

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tutorconsortium275 tutorconsortium275 · Answer 1 · 2022-12-14T06:04:30+01:00

In the economy, only 3 goods produced in the following quantities: A=10, B=30, C=5. Unit prices for these three items this year: A = $2, B = $3, and C = $1. The current year's nominal GDP is $45.

What is Nominal GDP and Real GDP?

Nominal Gross Domestic Product (GDP) reflects the current dollar raw number, which is not adjusted for inflation. A current price estimate of GDP is obtained by representing the value of all goods and services produced during the current reporting period.

Real GDP adjusts numbers by fixing the value of a currency and removing distortions from inflation and deflation.

What are the types of GDP?

There are three types of GDP: 1) Nominal GDP – the sum of all goods and services produced at current market prices. 2) Real GDP - sum of all goods and services produced at a constant price. 3) Actual GDP – Real-time measurement of all spending over any interval or time.

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