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Essentials of Economics 7th Edition by Gregory Mankiw
Edition 7ISBN: 978-1285165950Essentials of Economics 7th Edition by Gregory Mankiw
Edition 7ISBN: 978-1285165950 Exercise 14
Angus the sheep farmer sells wool to Barnaby the knitter for $20. Barnaby makes two sweaters, each of which has a market price of $40. Collette buys one of them, while the other remains on the shelf of Barnaby's store to be sold later. What is GDP here?
A) $40
B) $60
C) $80
D) $100
A) $40
B) $60
C) $80
D) $100
Explanation
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A sheep farmer sold wool worth of $20 to...
Essentials of Economics 7th Edition by Gregory Mankiw
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