SAMPLE QUESTION

SAMPLE QUESTION

Suppose that a simple economy produces only the following four goods and services: textbooks, hamburgers, shirts, and cotton. Further, assume that ALL of the cotton is used in the production of shirts.

Use the information in the following table to calculate Nominal Gross Domestic Product (Nominal GDP) for 2011.

PRODUCTION AND PRICE STATISTICS FOR 2011:
(Product) (Quantity) (Price)
(Textbooks) (125) ($65.00)
(Hamburgers) (110) (3.00)
(Shirts) (60) (30.00)
(Cotton) (7,000) (0.75)

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