Country X produces only one good. It produced 12,500 units of a good during a particular year. If the price of the good during that year was $100 and the price of the good during the previous year was $95, the nominal GDP of the country is ________
A) $875,000 B) $1,187,500 C) $2,450,000 D) $1,250,000
D
Economics
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Which of the following is an example of spending on factors of production in the circular flow model?
A) The "Lucky Ducky" casino buys a new craps table for the casino floor. B) Laurence rents a car to drive to a wedding in San Diego. C) Yvette pays $50 to join a softball league. D) Tuan purchases a cappuccino at the student union.
Economics
One of the more unique aspects of NAFTA compared with other preferential trade arrangements is the fact that the NAFTA countries have
A) similar cultures. B) fixed exchange rates. C) common borders. D) very different standards of living.
Economics