In order for Say's law to hold in a money economy,
A) there must be more than four goods.
B) funds saved must give rise to an equal amount of funds earned.
C) funds saved must give rise to an equal amount of funds invested.
D) none of the above
C
Economics
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Refer to the scenario above. What is the nominal GDP of the economy in 2012?
A) $47,000 B) $56,000 C) $55,000 D) $49,500
Economics
Billy is a plumber. He earns $15 per hour. One morning, just before he was leaving for work, he found a pipe in his kitchen leaking. He spent two hours repairing the pipe
i) How will this affect the calculation of GDP? ii) If Billy had spent two hours working for one of his clients, what would have been the effect of his activity on the calculation of GDP?
Economics