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Brrunno [24]
3 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]3 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.

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Answer:

A. Consider all indirect manufacturing costs

B. Consider all manufacturing costs

C. Consider non manufacturing costs

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Consider all indirect manufacturing costs

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Which of the following is an advantage of pursuing the​ employment-stability policy of follow demand exactly​? A. Minimizes labo
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Answer:

C. Minimizes​ hiring, layoff, and unemployment costs

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There is a discussion among economists about the effectiveness of this policy for the economy. Some find it beneficial and others find it can slow down the productivity of workers and the economy as a whole.

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Thinking summarizes the operating, financing and investing activities of an entity
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