Posted: May 24th, 2016
GDP, economic growth and unemployment
1. What is the gross domestic product of a country? What is meant by ‘intermediate goods’ and are they included in the measure of GDP? Suppose that the following table represents the goods and services produced in a very simple closed economy in 2016. Assume that steel is used as an input in the production of cars. Using that information, calculate the GDP for the year 2016?.
Product Quantity Price Steel 1000 $100 iPods 5000 $300 Cars 500 $25 000 Legal Services 100 $2000
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