If the Citrus Growers Association grows $1 million worth of oranges, sells $500,000 worth of oranges to consumers, uses the rest to make orange juice that is sold to consumers for $3 million, Citrus Grower's contribution to GDP is:
A. $3,500,000.
B. $500,000.
C. $4,000,000.
D. $1,000,000.
Answer: A
You might also like to view...
Name two types of jobs most likely affected by "seasonal unemployment."
What will be an ideal response?
A perfectly elastic demand curve
a. Is a horizontal line parallel to the x axis b. Has an elasticity of demand between 0 and 1 c. Is the demand curve of a product that usually has no substitutes d. None of the above
The evidence from wage data allows us to conclude that nonsupervisory workers were economically worse off in 2008 than 1975
a. This conclusion is correct because such workers have been suffering form increasing unemployment since 1975 b. This conclusion is correct because such workers have been receiving an ever-decreasing share of their income in nonwage benefits. c. This conclusion is correct because nominal wages for such workers have stayed constant since 1975. d. This conclusion is correct because nominal wages for such workers have fallen since 1975. e. This is a mistaken conclusion because the CPI overstates inflation.
The above graph represents a:
A. monopolistically competitive firm. B. noncollusive oligopoly firm. C. monopoly firm. D. collusive oligopoly firm.