Suppose the total value of all assets in the Country A is $10 trillion. In 2020, the total value of all final services produced in Country A was $150 billion, the total value of all final goods produced in Country A was $350 billion, and the total value of all final goods and services produced by Country A's firms in other countries was $100 billion. In this situation, Country A's Gross Domestic Product for 2020 was
A. $510 billion.
B. $600 billion.
C. $500 billion.
D. $10.5 trillion.
Answer: C
You might also like to view...
Suppose Alexander is successful in establishing a profitable market for his vegan bakery in what is a monopolistically competitive industry. In the long run, Alexander will most likely find it ________ to remain profitable as he faces ________ competition in the vegan bakery market.
A) easier; more B) harder; more C) easier; less D) harder; less
Explain the excess burden of a tax on luxury yachts
In economics a "marginal" value refers to:
a. the value associated with an unimportant, or marginal, activity. b. a value entered as an explanatory item in the margin of a balance sheet or other accounts. c. the value associated with one more unit of an activity. d. a value that is most appropriately identified in a footnote.
What is one reason consumers might demand a discount for quantity purchases?
A) higher storage costs B) lower marginal cost C) lower marginal benefit D) price gouging