The base year is 2010. A country only produces MP3 players. The price of an MP3 player in 2008 was $50. The price of an MP3 player was $30 in 2010. The quantity of MP3 players produced in 2008 was 10,000 units and in 2010 was 20,000 units

Nominal GDP in 2010 equals
A) $500,000.
B) $200,000.
C) $1,000,000.
D) $600,000.
E) an amount that cannot be determined without information about real GDP in 2010.

D

Economics

You might also like to view...

Which of the following is not a store of value?

a. Dollar bills. b. Credit card. c. Coins. d. Gold.

Economics

How much goods and services will GHC2000 in January 2020 buy in October 2017.

Economics