GDP is: O the value of all final goods and services produced domestically. the value of all final good and services produced anywhere in the world by a nation's firms O the sum of all currency and coins in circulation. O the value of all final goods and services produced by a government

GDP is: O the value of all final goods and services produced domestically. the value of all final good and services produced anywhere in the world by a nation's firms O the sum of all currency and coins in circulation. O the value of all final goods and services produced by a government

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter19: The Macroeconomic Perspective

Section: Chapter Questions

Problem 28P: Last year, a small nation with abundant forests cut down 200 worth of trees. It then turned 100...

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GDP is:
the value of all final goods and services produced domestically.
O the value of all final good and services produced anywhere in the world by a nation's firms
the sum of all currency and coins in circulation.
the value of all final goods and services produced by a government

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Last year, a small nation with abundant forests cut down 200 worth of trees. It then turned 100 worth of trees into 150 worth of lumber. It used 100 worth of that lumber to produce $250 worth of bookshelves. Assuming the country produces no other outputs, and there are no other inputs used in producing trees, lumber, and bookshelves, what is this nations GDP? In other words, what is the value of the final goods the nation produced including trees, lumber and bookshelves?
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