Assume you are studying an economy that produces only one good.
In Year 1, 85 units of output were produced and the (per-unit) price in Year 1 was $18
In Year 2, 102 units of output were produced and the (per-unit) price in Year 2 was $25
In Year 3, 155 units of output were produced and the (per-unit) price in Year 3 was $30
Assume that Year 2 is the base year. Nominal GDP in Year 3 is $____________. **You must report your answer as a whole number

Q&A Education