The Base Year Is 2014

question 41

Multiple Choice

The base year is 2014.A country only produces Blu-ray players.The price of a Blu-ray player in 2014 was $100.The price of a Blu-ray player was $90 in 2015.The quantity of Blu-ray players produced in 2014 was 10,000 units and in 2015 was 10,500 units.Nominal GDP in 2015 equals

• A)$945,000.
• B)$1,000,000.
• C)$1,050,000.
• D)$900,000.
• E)an amount that cannot be determined without information about nominal GDP in 2010.

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Definitions:

Farm Equipment

Tools and machinery used in the agricultural sector to facilitate farming activities.

Cognitive Computing System

Technology platforms designed to simulate human thought processes in a computerized model.

Understanding

The ability to comprehend or grasp the nature, significance, or explanation of something.

Experience

Refer to the knowledge or skill acquired by a person over time through involvement in or exposure to activities.