Suppose the total market value of all final goods and services produced in economy X this year is $4 million. Of the $4 million worth of goods and services, $3 million is sold and $1 million is held in inventory. For this year, the GDP for economy X is
A) $4 million.
B) $3 million.
C) $1 million.
D) $7 million.
E) none of the above
A
Economics
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If a country possesses the absolute advantage in the production of one good:
A. then it must also possess the absolute advantage in the production of the other good. B. then it must also possess the comparative advantage in the production of both goods. C. then it must also possess the comparative advantage in the production of the other good. D. it can produce more of that good given the same resources.
Economics
The theory that our population would grow too quickly relative to our food supply is associated with
A. Adam Smith. B. Karl Marx. C. Thomas Malthus. D. John Maynard Keynes.
Economics