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Economics: The Basics 1st Edition by Mike Mandel
Edition 1ISBN: 978-0071316026Economics: The Basics 1st Edition by Mike Mandel
Edition 1ISBN: 978-0071316026 Exercise 6
Suppose we have a small economy that produces only two goods: pineapples and commercial airplanes.
a) Suppose that we know both the number of pineapples and the number of commercial airplanes produced in the country. What other information do we need to calculate the gross domestic product for this country?
b) Below are the quantities produced and the prices for pineapples and commercial airplanes. What is the GDP of this country?
c) Suppose five of the planes produced were sold overseas. Does that change GDP, and if so, how?
a) Suppose that we know both the number of pineapples and the number of commercial airplanes produced in the country. What other information do we need to calculate the gross domestic product for this country?
b) Below are the quantities produced and the prices for pineapples and commercial airplanes. What is the GDP of this country?
c) Suppose five of the planes produced were sold overseas. Does that change GDP, and if so, how?
Explanation
Verified
Verified
Gross Domestic Product:
Gross Domestic ...
Economics: The Basics 1st Edition by Mike Mandel
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