Which of the following methods could be used to calculate GDP?
a. the sum of all spending on final goods and services
b. the sum of all factor payments plus depreciation and indirect business taxes
c. the sum of all values added at each stage of production
d. All of the above could be used.
d
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Answer the question below based on the following price and output data over a five-year period for an economy that produces only one good. Assume that year 2 is the base year.YearUnits of OutputPrice per Unit18$22103315441855206For the years shown, the growth of ________.
A. nominal GDP exactly reflects increases in real output B. nominal GDP understates increases in real output C. nominal GDP overstates increases in real output D. real GDP exceeds the growth of nominal GDP
One reason why nations trade is because
a. trading provides opportunities to earn profits. b. the rate of interest is not the same in all countries. c. resources are not equally distributed to all nations. d. some nations like to build one thing while others like to build another.
Given the cost function C(Y) = 6Y2, what is the marginal cost?
A. 12Y B. 6Y C. Y2 D. 3Y
The economic way of thinking
A) studies facts without using theories. B) explains how social order and cooperation emerge from the actions of individuals. C) is free of biases and assumptions. D) includes all of the above features.