Question 51
MediumOriginal questionAn economy produces only two goods. Year 1 is the base year.
| Good | Price, year 1 (₹) | Quantity, year 1 | Price, year 2 (₹) | Quantity, year 2 |
|---|---|---|---|---|
| Apples | 10 | 100 | 12 | 120 |
| Bread | 20 | 50 | 25 | 60 |
What is nominal GDP in year 2?
Show the answer and explanation
CorrectNot quiteAnswer D
Correct answer: D
Explanation
Nominal GDP uses year 2's own prices and quantities.
12 × 120 + 25 × 60 = 1,440 + 1,500 = ₹2,940.
- Concept
- Nominal GDP
- Typical timeTypical
- 70 s
- Your timeYours
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