We are studying an economy that produces and consumes two goods: hot dogs and hamburgers. The table below shows data for years 2010 and 2020. [table]
| Year 2010 | Year 2020 Price of a hot dog | $2 | $4 Price of a hamburger | $3 | $4 Quantity of hot dogs | 200 | 250 Quantity of hamburgers | 200 | 500
[/table] Calculate nominal GDP 2010

Question

BlackTom AI · Accepted Answer

We begin by extracting all given data for 2010 from the table: the price of a hot dog is $2, the price of a hamburger is $3, the quantity of hot dogs is 200, and the quantity of hamburgers is 200.

Option a: 1200. If we test this, we would need a combination like 2×200 + 3×? that sums to 1200. Calculating with given quantities, 2×200 = 400, and 3×200 = 600, which adds up to 1000, not 1200. Hence 1200 is not consistent with the data provided for 2010.

Option b: 1100. Using the same quantities and prices, total spending is 2×200 + 3×200 = 400 + 600 = 1000. The result 1100 would require either different quantities or prices than those listed for 2010, so this option is not correct given the table.

Option c: 900. This value would imply a smaller expenditure than the computed 1000. Since nominal GDP is calculated by summing (price × quantity) for each good with the 2010 prices and quantities, obtaining 900 would require lower totals than the data show, which is inconsistent with the provided numbers.

Option d: 1000. Computing directly: hot dogs contribute 2 dollars per unit times 200 units, giving 2×200 = 400. Hamburgers contribute 3 dollars per unit times 200 units, giving 3×200 = 600. Adding them yields 400 + 600 = 1000. This aligns exactly with the 2010 data, so this total is the nominal GDP for 2010 given the table.

In summary, evaluating each option against the data (prices and quantities) shows that only the sum 2×200 + 3×200 equals 1000. Any alternative value would require different prices or quantities than those reported for 2010, which contradicts the table.

EC301 Principles of Macroeconomics

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