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PLEASE HELP WILL GIVE BRAINLIEST TO CORRECT ANSWER

Based on the chart below, what is the year 2 nominal GDP?

A.$14,850
B.$24,000
C.$15,600
D.$8,400

PLEASE HELP WILL GIVE BRAINLIEST TO CORRECT ANSWER Based on the chart below what is the year 2 nominal GDP A14850 B24000 C15600 D8400 class=

Respuesta :

Answer: The nominal GDP in year 2 is $24,000 (Option B).

The nominal GDP is value of all goods and services produced in a given year. It is calculated using the prices that are prevailing in the relevant year.

In this case we calculate the nominal GDP by first find the product prices prevailing in year 2 and the output in year 2.

Product    Year 2 Price - P2      Year 2 Quantity - Q2 P2 * Q2

Laptops               1000                          18                           18000

Desktops        300                          20                             6000

Total                                                                     24000