Multiple Choice
The base year is 2010. A country only produces MP3 players. The price of an MP3 player in 2008 was $50. The price of an MP3 player was $30 in 2010. The quantity of MP3 players produced in 2008 was 10,000 units and in 2010 was 20,000 units. Nominal GDP in 2010 equals
A) $600,000.
B) $200,000.
C) $500,000.
D) $1,000,000.
E) an amount that cannot be determined without information about real GDP in 2010.
Correct Answer:
Verified
Correct Answer:
Verified
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