The table given below reports the sales value at each stage of production of the soft drink, Pepsi. Table 5.3 Production Stage Sales Value Sugar cane $0.05 Processed sugar $0.10 Wholesale Pepsi $0.40 Pepsi in a vending machine $0.60 Refer to Table 5.3. If Pepsi was the only good produced in the economy, then what would be the value of GDP, according to the expenditures approach?
A) $1.05
B) $0.05
C) $0.20
D) $0.60
E) $0.40
Ans: D) $0.60
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Refer to Table 7-5. Fill in the following table with the opportunity costs of producing bows and arrows for Tran and Farah
Pens Pencils Tran Farah
Fighting alongside the British in the Revolution, the ___________ lost much of their land and position in America after the War
a. Iroquois b. French c. Mexicans d. Sioux
Most immigration is the result of immigrants migrating to
A. avoid political persecution in their home countries. B. flee civil unrest in their home countries. C. obtain jobs at a higher rate of pay than they can receive in their home countries. D. take advantage of entitlement programs in the destination country.
Whether an externality is positive or negative, it is always
A) evaluated by the Supreme Court of the United States. B) evaluated by the government. C) evaluated by the impact on the third party. D) judged by the profitability of the firm producing the product.