Refer to Table 19-8. Suppose that a simple economy produces only four goods and services: sweaters, CDs, sugar, and soft drinks
Assume one half of the sugar is used in making the soft drinks and the other half of the sugar is purchased by households. Calculate nominal GDP for this simple economy.
Nominal GDP equals (50 × $50 ) + (150 × $10 ) + ((600 × .5 ) × $1)) + (800 × 0.75 ) = $4,900.
Economics
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Equilibrium in a market exists when there is neither a surplus nor a shortage of the item
a. True b. False Indicate whether the statement is true or false
Economics
The nation of Exland is considered a less-developed country and has the following characteristics. Which one is not typical of a less-developed country?
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Economics