Calculating Nominal GDP A country produces only two products. gold and platinum. In 2005 the country produced 200 tons of gold at R600 000 per ton and 70 tons of platinum at R1000000 per ton. In 2006 the country produced 90 tons of gold at R900 000 per ton and 80 tons of platinum at R1 100 000 per ton.   Calculate the value of nominal GDP in 2005

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If you are looking only for the nominal GDP in 2005, all of the information about 2006 is irrelevant.  Nominal GDP is not compared to any other year.  It is computed solely by finding the market value of the goods or services produced within a given country in a given year.

To find the nominal GDP for 2005, you just multiply the amount produced by the price for both of these commodities.  Then you add the products.  So

200 tons of gold x R600,000 per ton = R120,000,000

70 tons of platinum x R1000000 = R70,000,000

Add these together and your nominal GDP is R190,000,000.

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