1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Brrunno [24]
2 years ago
8

Suppose there is a simple one good economy that only produces spinning rims. In 2015, the economy was able to produce 1 million

sets of spinning rims at an amazing price of $500 per set. In 2016, the economy was able to produce 1 million sets of spinning rims at a price of $1,000 per set. By what amount did real GDP increase between 2015 and 2016 in the simple one good economy
Business
1 answer:
Alex_Xolod [135]2 years ago
4 0

Answer: 0

Explanation:

Firstly, we will calculate the nominal value in 2015 which will be:

= $500 x 1 million

= $500 million

The nominal value in 2016 will be:

= $1000 x 1 million

= $1 billion

Real GDP will be the price of the base year multiplied by the quantity of the current year which will be:

= $500 million x 1 million sets

= $500 million

Therefore, the increase in real GDP is zero.

You might be interested in
what are the documents required by department of trade and industry when registering for a private company
meriva

Social security for employee profiling, insurances, and other employee and company benefits

Business permit, so that your business is legal and has passed through the scrutiny of safety and reliability

<span>Tax identification  to ensure that in every profit you gain, you will be giving a part of it to the country to improve its services</span>
6 0
3 years ago
Your opportunity cost of taking this course is: a. the net benefit of taking this course. b. the net benefit of the activity you
umka21 [38]

Answer:

Correct option is B.

The net benefit of the activity you would have chosen if you had not taken the course

Explanation:

Your opportunity cost of taking this course is <u>the net benefit of the activity you would have chosen if you had not taken the course </u>

Opportunity cost is what you must sacrifice when you choose an activity. By taking this course, you are sacrificing the benefit you could have obtained from the activity you would have chosen if you had not taken the course.

5 0
3 years ago
Consumer protection laws might result in:
motikmotik

I believe the answer is: A. Fewer unwanted telemarketing calls

The consumer protect laws allow the consumers to report business practices that violate their privacy or comfort (which is what many of them consider unwanted telemarketing calls are). The protection law could also prevent the price from goes too high, but it would not necessarily lower the average prices.

5 0
3 years ago
Read 2 more answers
Gibson company began august with 200 units of product br having a unit cost of $8 in inventory. relevant information is listed a
In-s [12.5K]

ANSWER: To calculate the gross profit for the month of August, Gibson will have to find out the sales in his company. Gibson had a opening stock of 200 units of products valuing $8 per unit. The total value of the stock available at the opening of the month is $8 x 200 units = $1,600. If he uses the average cost method to calculate the inventory cost, he will need the opening stock and the production done in the month of August. This will give him the figure which will show his entire stock which were available for sale in the month.

Let's assume the entire stock produced in the month of August to be 'x', so the total stock available for sale was '$1,600+x'. This amount needs to be subtracted by the closing stock of the month to get the actual value of sales that has happened during the month of August. So, dividing the actual value of sales by the production cost of the sold number of units will give Gibson the gross profit for the month of August.

7 0
2 years ago
What is fiat​ money?
Neporo4naja [7]

a) - money issued by the financial intermediaries such as banks but not the central bank

4 0
2 years ago
Other questions:
  • Cumulative preferred stock means the stock is entitled to its regular dividend plus an additional share of the total amount of d
    11·1 answer
  • Based on the position you are interested in, please describe your sales or retention style.
    14·1 answer
  • Care sunt avantajele si dezavantajele serviciului de transport din bucuresti REATB
    9·1 answer
  • The currency in Macroland is called econs. In Macroland, the public holds 2,000 econs in currency; commercial bank reserves are
    9·1 answer
  • Help me its urgent............
    5·1 answer
  • If you have a balance of $1,000 on your credit card, and the interest rate is 17¾% a year, in order to pay off the $1,000 in 5 y
    8·1 answer
  • Danahy Corporation manufactures a single product. The following data pertain to the company's operations over the last two years
    8·1 answer
  • Can somebody help me with my assignments
    6·1 answer
  • Click this link to view O‘NET's Education section for Actors.
    11·2 answers
  • When microwaves were new, they typically cost over $300, were bulky and required extensive counter space, and had limited styles
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!