(Table: Peanut Butter and Jelly Economy) Use Table: Peanut Butter and Jelly Economy. In 2019, nominal GDP was _____ and real GDP was _____. $$\begin{array} { | l | l | l | l | l | l | }
\hline \text { Product } & \text { 2018 Output } & \begin{array} { l }
\text { 2018 Prices } \
\text { (base year) }
\end{array} & \text { Product } & \text { 2019 Output } & \text { 2019 Prices } \
\hline \text { Peanut butter } & 200 \text { units } & \text { \$1 per unit } & \text { Peanut butter } & 250 & \$ 1.10 \text { per unit } \
\hline \text { Jelly } & 100 \text { units } & 2 \text { per unit } & \text { Jelly } & 100 & 2.50 \text { per unit } \
\hline
\end{array}$$
A)$450; $400
B)$450; $400.
C)$525; $450
D)$525; $450.
E)$525; $400
F)$525; $400.
G)$450; $575
H)$450; $575.

Question

(Table: Peanut Butter and Jelly Economy) Use Table: Peanut Butter and Jelly Economy. In 2019, nominal GDP was _____ and real GDP was _____. $$\begin{array} { | l | l | l | l | l | l | } 
\hline \text { Product } & \text { 2018 Output } & \begin{array} { l } 
\text { 2018 Prices } \
\text { (base year) }
\end{array} & \text { Product } & \text { 2019 Output } & \text { 2019 Prices } \
\hline \text { Peanut butter } & 200 \text { units } & \text { \$1 per unit } & \text { Peanut butter } & 250 & \$ 1.10 \text { per unit } \
\hline \text { Jelly } & 100 \text { units } & 2 \text { per unit } & \text { Jelly } & 100 & 2.50 \text { per unit } \
\hline
\end{array}$$
A)$450; $400
B)$450; $400.
C)$525; $450
D)$525; $450.
E)$525; $400
F)$525; $400.
G)$450; $575
H)$450; $575.

Quizplus · Accepted Answer

In 2018, nominal GDP was $450 (200 units of peanut butter x $1 per unit + 100 units of jelly x $2 per unit) and real GDP was $400 (200 units of peanut butter x $1 per unit + 100 units of jelly x $2 per unit). In 2019, nominal GDP was $525 (250 units of peanut butter x $1.10 per unit + 100 units of jelly x $2.50 per unit) and real GDP was $450 (250 units of peanut butter x $1 per unit + 100 units of jelly x $2 per unit).