Multiple Choice
Wobet is a small country that produces only steak and potatoes. Steaks have a price of $10 each and potatoes have a price of $1 each. Suppose that Wobet produces 10 steaks and 20 potatoes in 2010. Using ________, Wobet has GDP equal to ________.
A) a price index; $120
B) market value; $120
C) market value; 30 units
D) real value; $120
E) a market basket; 30 units
Correct Answer:
Verified
Correct Answer:
Verified
Q37: Consumption expenditure includes spending<br>A) on office supplies
Q38: Nominal GDP is GDP<br>A) after adjusting for
Q39: Pat gives up a $40,000 per year
Q40: A south pacific island produces only coconuts.
Q41: The expenditure approach values _ and the
Q43: In 2015, the United Nations Human Development
Q44: Kelly's Surf Shop orders 5,000 new surfboards
Q45: A standard definition of recession is<br>A) a
Q46: GDP handles household production by<br>A) including it
Q47: Total expenditure equals total income<br>A) because firms