Looking for answers? Westonci.ca is your go-to Q&A platform, offering quick, trustworthy responses from a community of experts. Our platform connects you with professionals ready to provide precise answers to all your questions in various areas of expertise. Get quick and reliable solutions to your questions from a community of experienced experts on our platform.
Sagot :
Answer:
a. GDP in this economy is $135.
b. Producer Value Added
(Dollars)
Farmer 70
Miller 50
Baker 15
Total $135
c. The total value added for the three producers in this economy does not equal the economy’s GDP.
b. False
Explanation:
Ordinarily, Gross Domestic Product (GDP) is the economic measure of the total value of all the finished goods and services produced within a country's borders in a specific time period, usually a year. Broadly, it comprises the totality of private consumption, fixed investment, change in inventories, government consumption, and net exports. On the other hand, value added can be defined as the economic profit made from a business activity.
Thank you for choosing our service. We're dedicated to providing the best answers for all your questions. Visit us again. We hope this was helpful. Please come back whenever you need more information or answers to your queries. Your questions are important to us at Westonci.ca. Visit again for expert answers and reliable information.