High School

In 2020, the country of Airotciv produced 25 kilos of avocados and 24 kilos of pears. Both fruits were used only for final consumption, and nothing else was produced. In 2020, a kilo of avocados sold for $4, while a kilo of pears sold for $5.

Airotciv's nominal GDP in 2020 was _______.

Answer :

In 2020, the country of Airotciv produced 25 kilos of avocados and 24 kilos of pears. Both fruits were used only for final consumption and nothing else was produced. In 2020, a kilo of avocados sold for $4 while a kilo of pears sold for $5. Airotciv's nominal GDP in 2020 was $220.

To calculate Airotciv's nominal GDP for the year 2020, we need to consider the production quantities and the selling prices of avocados and pears, as both were used for final consumption.

  • Airotciv produced 25 kilos of avocados at $4 per kilo.
  • Airotciv produced 24 kilos of pears at $5 per kilo.

Here’s the step-by-step calculation:

  1. Calculate the total value of avocados: 25 kilos × $4 per kilo = $100.
  2. Calculate the total value of pears: 24 kilos × $5 per kilo = $120.
  3. Sum the values to find the nominal GDP: $100 (avocados) + $120 (pears) = $220.

Other Questions