A small economy produced the following final goods and services during a given month: 3 million pounds of food, 50,000 shirts, 20 houses, 50,000 hours of medical services, 1 automobile plant, and 2 tanks.   Good or Service Quantity Market Price Value of Output (Per unit) Pounds of food 3 million pounds $1   Shirts 50,000 $21   Houses 20 $50,000   Medical services 50,000 hours $20   Automobile plant 1 $1,000,000   Tanks 2 $500,000     Based on your calculations, the total value of GDP in this economy is?

Q: There are three firms In an economy: A. B, and C. Firm A buys $350 worth of goods from firm B and…

A: *ANSWER :-  *a) GDP is the addition of value of goods and service minus purchase of intermediate…

Q: An economy produces final goods and serviceswith a market value of $5,000 billion in a givenyear,…

A: In an economy, nation's GDP depends upon the products and services of a specific year as it does not…

Q: why are goods and services in a country counted in GDP at market value; what are the disavantages of…

A: Answer: One of the most crucial criteria for evaluating a nation's productivity and economic…

Q: GDP is A. Market value of final goods and services produced B.Total value added of goods and…

A: GDP includes only goods that have market value.

Q: Calculate the value added at each stage of production (ii) Calculate  the contribution to GDP from…

A: (i) The formula for calculating Value added is given below. Value added = Value of Sales - Cost of…

Q: Fill in the blank for the following : GDP is the market value of all ............ produced in a…

A: Pens, flour, oranges, and caps are examples of goods that are commonly measurable. Healthcare…

Q: An economy produces only 1,000,000 computers valued at $2,000 each. Of these, 200,000 are sold to…

A: Investment refers to the amount of financial expenditure planned on investment commodities like…

Q: Foreign purchases of domestically produced goods $88 Domestic purchases of foreign goods S120 Based…

A: Here we calculate the value of GDP and its components by using the given information so the…

Q: Determine whether each description refers to nominal gross domestic product (GDP) or real GDP. A…

A: Solution -  Definition  GDP - GDP is a measure to calculate total output of a country in a year .…

Q: The following represents the production of goods for a country Commodity Quantity 2010 Quantity 2009…

A: Nominal GDP=Units of output×Price per unitsReal GDP=Units of output × Price per unit from base…

Q: An economy produces only apples and oranges. The table shows the prices and the quantities of apples…

A: Nominal GDP = sum of (the price of the year * quantity of the year)Nominal GDP in…

Q: Net exports of goods and services increase when A) imports of goods and services increase, and…

A: "Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Consumption expenditures Investment expenditures Government purchases $800 $200 $300 Exports $100…

A: GDP can be defined the market value of all goods and services which are produced in the domestic…

Q: P dose not value A Total income of everyone in the economy B Total expenditure on the economy output…

A: Gross Domestic Product GDP is the monetary value of goods and services that are produced within the…

Q: Output and Prices for 1995 and 1996 of Product Quantity produced in 1995 Price in 1995 Quantity…

A: Nominal GDP measures the money value of all final goods and services produced in an economy during a…

Q: Nominal GDP can be found by: Answers: A. Adding the value of all final output produced…

A: GDP is the money value of all final goods and services produced in an economy during a given year.

Q: Assume an economy with two firms. Firm A produces wheat and firm B produces bread. In a given year,…

A: * SOLUTION :-  Given that ,   The Gross domestic product  refers to the value of all the goods and…

Q: Identify the statement that describes the Gross Domestic Product of a country. a. All goods and…

A: Gross Domestic Product GDP by its name suggests that the output that is domestically produced within…

Q: The table below contains data for country A for the year 2010. Household purchases of durable goods…

A: GDP refers to the total value of finished goods and services that produced within the economic…

Q: GDP is the market value of  resources (land, labor, capita, and entrepreneurship) in an economy in a…

A: Gross Domestic Product (GDP) is the calculation of all the goods and services produced and sold…

Q: Assume an economy with two firms. Firm A produces wheat and firm B produces bread. In a given year,…

A: Given: Production of wheat by Firm A=4500 tonnes Price per tonne=$20 Production of loaves by Firm…

Q: Identify where the appropriate entries go on the circular flow diagram?

A: Concept We must obtain a thorough understanding of how the market system works because practically…

Q: Houschold purchases of durable goods Household purchases of nondurable goods Household purchases of…

A:

Q: In the economy of Pizzania, bread and cheese produced are sold both to the pizza company for inputs…

A: Calculation of GDP in this question is solved with the help of Value-Added Method

Q: The following is data provided for the year 2020: Capital consumption allowance $119.5 Wages 855.7…

A: GDP is the sum of all the final goods and services produced within the domestic borders of the…

Q: Suppose a small economy produces only smart TVs. In year one, 100,000 TVs are produced and sold at a…

A: In an economy, real GDP and nominal GDP has significant difference that makes the gap between these…

Q: The measure of production that values output using a base year (constant price) is called:…

A: GDP is the value of all final goods and services produces within the domestic boundaries of a…

Q: Calculate the GDP using (1) the Income and (2) the Expenditure Approach

A: GDP: It refers to the goods and services which is produced in an economy due to during the specified…

Q: GDP Real GDP Year (Dollars) (Base year 2008, dollars) 2008 2009 2010 From 2009 to 2010, GDP. , and…

A: Real GDP - It is the GDP which is inflation adjusted. It analyses the rate of all goods and services…

Q: A U.S. consumer buys a new Toyota vehicle (a Japanese company), which is manufactured at Toyota…

A: The final value of goods and services that are being produced in an economy within a given time…

Q: Assume an economy with two firms. Firm A produces wheat and firm B produces bread. In a given year,…

A: "Gross domestic product or GDP represents the market or monetary value of all the final commodities…

Q: Only three goods are produced in an economy in the following amounts: A = 9, B = 22, C = 9. The…

A: Nominal Gross Domestic Product is the total value of goods and services produced in a country during…

Q: "An economy produces final goods and services with a market value of $5,000 billion in a given year,…

A: GDP is the final value of goods and services produced in an economy in one year. Market value of…

Q: The nation of Potchatoonie produces hockey pucks, cases of root beer, and sandals. The following…

A: Nominal GDP (NGDP) = ∑(current year price x current year quantity) NGDP, 2014 = 5 x 100 + 15 x 300 +…

Q: Use the information below Consumer spending = $200 million Capital Consumption Allowance = $80…

A: The GDP (gross domestic product) is calculated using either the expenditure approach or the resource…

Q: ACTIVITY 1: Components of GDP Which component of GDP would each of these fit into?   1. Mechanic…

A: Activity 1. Consumption, investment, government expenditure, and net exports are all components of…

Q: The market value of all finished goods and services produced within an economy during a year…

A: In an economy, gross domestic product is an economic measure to compute the national income on…

Q: GDP: O ignores intermediate goods. O estimates the increase or decrease in quality of production…

A: Definition of GDP- The gross domestic product (GDP) is the value of all final goods and services…

Q: A final good or service is something that retains no value when factored into the GDP is not a…

A: Answer: Option B (is not a component of another good or service) Explanation: A final good or…

Q: Assume an economy with two firms. Firm A produces wheat and firm B produces bread. In a given​ year,…

A: Given; Firm A Items Value added Production (4000×20) $80000 Sell to firm B (1000×20) $20000…

Q: The table below is extracted from Goodland Republic Bureau of Statistics records for 2016 -2017. Use…

A: The value of all the final goods and services produced in an economy during a financial year is…

Q: Carl B. Cotton owns a 10-acre farm filled with cotton plants. Each year he hires a few workers to…

A: Gross Domestic Product (GDP) is the value of the final goods and services produced in an economy in…

Q: The economy of country A has two sectors: wheat-growing, and flour-making. In 2015, the wheat…

A: GDP is the value of final goods and services produced in the economy within a given period of time.