Scenario: a Country Produces Only One Good

question 70

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 for Year 2 was ________.

• A) $180,000
• B) $1,920,000
• C) $2,510,000
• D) $174,000

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Definitions:

Policy Leadership

The role or actions of leading and navigating the development, implementation, or advocacy of public policies, often involving envisioning policy changes and mobilizing resources or support.

Human Condition

The characteristics, key events, and situations which compose the essentials of human existence, such as birth, growth, emotionality, aspiration, conflict, and mortality.

Policy Practice

The application of policy analysis, development, and advocacy skills in professional practice to influence public policy.

Policy Advocacy

The act of arguing in favor of, or against, policies in order to influence public opinion or policy decisions at various levels of government.