Michigan Cranberry Company sold $10 million worth of cranberries it produced. In producing cranberries, it purchased $1 million dollars worth of supplies from foreign countries and paid workers who reside in Canada but commute to the U.S. $1 million. How much did these transactions add to U.S. GDP?
a. $12 million
b. $11 million
c. $10 million
d. $9 million
d
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Distinguish between a positive statement and a normative statement and provide examples
What will be an ideal response?
The price elasticity of demand is equal to
A) the percentage change in quantity demanded divided by the percentage change in price. B) the change in quantity demanded divided by the change in price. C) the percentage change in price divided by the percentage change in quantity demanded. D) the value of the slope of the demand curve.
Which of the following advertising statements could be considered greenwashing?
A) "Made of only recycled materials" B) "Our lasagna is made with love." C) "100 percent money back guarantee" D) "Guaranteed to make you want to dance!"
A decrease in the price of peanuts will cause a leftward shift of the supply curve of peanut butter
a. True b. False