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Assume that the Candyland economy produced approximately 150 candy bars, 80 bags of caramels, and 30 solid chocolate bunnies in 2017, and in 2000 it produced 100 candy bars, 50 bags of caramels, and 25 solid chocolate bunnies. The average price of candy bars is $3, the average price of caramel bags is $2, and the average price of chocolate bunnies is $10 in 2017. In 2000, the prices were $2, $1, and $7, respectively. What is nominal GDP in 2017?

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jepessoa

Answer:

The answer is: Candyland's GDP for 2017 is $910

Explanation:

All final and legal products and services produced during the year should be included in the GDP.

Candyland's total production of final goods during 2017 was:

  • 150 candy bars at $3 each = $450
  • 80 bags of caramels at $2 each = $160
  • 30 solid chocolate bunnies at $10 each = $300

So Candyland's GDP for 2017 is $450 + $160 + $300 = $910

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