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polet [3.4K]
3 years ago
9

During a given year, the following activities occur: 1. A silver mining company pays its workers $200,000 to mine 75 pounds of s

ilver. The silver is then sold to a jewelry manufacturer for $300,000. 2. The jewelry manufacturer pays its workers $250,000 to make silver necklaces, which the manufacturer sells directly to consumers for $1,000,000. a. Using the production-of-final-goods approach, what is GDP in this economy
Business
1 answer:
NeTakaya3 years ago
7 0

Answer:

$1,000,000

Explanation:

As the name suggests, the production-of-final-goods approach refers to the production of goods should be recorded at the final goods and ignored the intermediary goods. Moreover if the workers earned any income so it would not be relevant for this approach

As in the question there are two goods  produced i.e raw silver and silver necklaces

So this means that the raw silver produced the silver necklaces i.e represents the intermediate goods which is not relevant here

So in this case the silver necklaces is only considered i.e $1,000,000

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Market share measures a firm's external performance relative to that of its competitors. Which of the following represents how a
Lorico [155]

Answer:

b. Dividing the firm's sales by the total market sales for the entire industry

Explanation:

The formula to compute the market share is shown below:

Market share = Firm sales revenue ÷ Overall market sales revenue

Let us take an example

The firm sales revenue is $100,000

And Overall market sales revenue $50,000

So, the market share would be

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4 0
3 years ago
How to find the average amount of something?
Novay_Z [31]
Add up all the numbers and divide it by the amount of numbers there are. For example, the average of 2, 4, and 1 would be 2+4+1= 6, then 6/3 because there are 3 numbers.
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4 years ago
What does the phrase​ "internalizing an external​ cost" mean? A. prohibiting economic activities that create externalities B. fo
marin [14]

Answer:

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And this process is achieved via paying taxes , the government subsidies , tolls etc .

Hence , the correct explanation for " internalizing an external​ cost " is ( b ) .

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3 years ago
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A. Capitol Resources

Explanation:

Explanation:

4 0
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