Suppose a Particular Model of Smartphone Contains $150 Worth of Raw

question 42

Multiple Choice

Suppose a particular model of smartphone contains $150 worth of raw materials and requires $175 worth of labor to produce.One day,one of these phones sells for $400.The seller would have been willing to sell it for as little as $375,whereas the buyer would have been willing to pay as much as $425.Which dollar amount would be used to calculate this transaction's contribution to gross domestic product (GDP) ?

• A) $150
• B) $175
• C) $375
• D) $400
• E) $425

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Definitions:

Finals

The last exams or assessments in a course or academic term, determining a significant portion of a student's final grade.

Fundamental Attribution Error

The tendency to overestimate the effect of personality or disposition and underestimate the influence of situational factors when explaining others' behaviors.

External Situation

Circumstances or factors outside oneself that influence one’s behavior and actions, often beyond one's control.

Inner Traits

Inherent characteristics or qualities that contribute to an individual's personality and behavior.