Consider an economy that produces only two goods: dvds and dvd players. last year, 10 dvds were sold at $20 each and 5 dvd players were sold at $100 each, while this year 15 dvds were sold at $10 each and 10 dvd players were sold at $50 each. nominal gdp this year is:
a) $100.b) $700.c) $1,300.d) $300.

$650

Explanation:

Gross domestic product is the sum of all the goods and services produced in an economy within a given period which is usually a year.

Nominal GDP = current year prices × number of goods produced.

Nominal GDP = (current price of dvd × quantity of DVD) + (current Price of DVD player × quantity of DVD player)

Nominal GDP =($10 × 15) + ($50 × 10) = $650

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