Scenario: a Country Produces Only One Good

question 69

Multiple Choice

Scenario: A country produces only one good. It produced 5,000 units of the good during Year 1 and 6,000 units of the good in Year 2. The price of each unit of the good in Year 1 was $280 and it was $320 in Year 2. Suppose Year 1 is taken as the base year for the calculation of GDP.
-Refer to the scenario above.The nominal GDP of the country in Year 1 was ________.

• A) $540,000
• B) $280,000
• C) $1,400,000
• D) $2,200,000

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