The following table contains prices and quantities for the three goods produced in the country of Linfieldia.

-Refer to the table above.Assuming that 2015 is the base year,what is nominal GDP for 2016?
A) $5,120
B) $5,450
C) $5,900
D) $6,330

Question

The following table contains prices and quantities for the three goods produced in the country of Linfieldia.
 
-Refer to the table above.Assuming that 2015 is the base year,what is nominal GDP for 2016?
A) $5,120 
B) $5,450 
C) $5,900 
D) $6,330

Quizplus · Accepted Answer

Nominal GDP for 2016 is $5,120. This is the value of all goods and services produced in the economy in 2016, valued at current prices.

The Following Table Contains Prices and Quantities for the Three