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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.
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