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 above information.Nominal GDP in the current year is:
A)$110
B)$115
C)$45
D)$90

Question

Quizplus · Accepted Answer

Nominal GDP is calculated by multiplying the quantity of each good produced by its current year per unit price and then adding up the values of all goods. 
Nominal GDP = (10 x $2) + (30 x $3) + (5 x $1) = $20 + $90 + $5 = $115.

Only Three Goods Are Produced in an Economy in the Following