Use the following to answer questions: Table: iPhones $$\begin{array} { l c c }
\hline \text { Year } & \text { Quantity produced } & \text { Price } \
\hline 2000 & 100 & \$ 100 \
2010 & 90 & 110 \
\hline
\end{array}$$
-(Table: iPhones) This table shows data for a country producing only iPhones. Its nominal GDP in 2010 is:
A) $9,000.
B) $9,900.
C) $10,000.
D) $10,800.

Question

Use the following to answer questions: Table: iPhones $$\begin{array} { l c c } 
\hline \text { Year } & \text { Quantity produced } & \text { Price } \
\hline 2000 & 100 & \$ 100 \
2010 & 90 & 110 \
\hline
\end{array}$$
-(Table: iPhones) This table shows data for a country producing only iPhones. Its nominal GDP in 2010 is:
A) $9,000.
B) $9,900.
C) $10,000.
D) $10,800.

Quizplus · Accepted Answer

Nominal GDP is calculated by multiplying the quantity produced by the price in the same year. For 2010, it is 90 iPhones * $110 = $9,900.

Use the Following to Answer Questions: Table: IPhones -(Table: IPhones) This Table Shows Data for a Country Producing