Answer to Question #95098 in Macroeconomics for Chris Rodrigues

Question #95098

Suppose Ghana produces cocoa and timber, and the following hypothetical data is provided for 2016 and 2017.

2016 2017
Good Quantity Price Quantity Price
Cocoa 1000 2 1100 3
Timber 500 10 525 8

Nominal GDP in 2016 is ...
[1] 2000
[2] 3625
[3] 7000
[4] 5000

Expert's answer

Nominal GDP is GDP evaluated at current market prices.

Nominal GDP 2016 = 1000*2+500*10 = 7000

Correct answer is [3] 7000

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