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Price and Output data over a five year period for an economy that produces only one good. Assume that year 2 is the base year. Year Units of Output Price per unit 1 8 $2 2 10 3 3 15 4 4 18 5 5 20 6 Refer to the above data. In year 4, nominal GDP would be:

Respuesta :

Answer:

$90

Explanation:

Nominal GDP is GDP calculated using current year prices.

Nominal GDP = current year prices x unit of output

18 x $5 = $90

Gross domestic product is the total sum of final goods and services produced in an economy within a given period which is usually a year

The nominal GDP in the year 4 is $90

Calculation of the nominal GDP:

Nominal GDP should be provided at the present prices without considering any type of adjustment for the inflation.  

Since in the year 4 the units should be 5 and, the price per unit is 18

So, the nominal GDP should be

= current year prices x unit of output

= 18 x $5

= $90

Learn more about GDP here: https://brainly.com/question/24514951

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