The Table Below Includes Data for a One-Year Period Required

question 93

Multiple Choice

The table below includes data for a one-year period required to calculate GDP from the income side for a teeny-tiny economy. TABLE 20-4 Refer to Table 20-4.What is the value of net domestic income at factor cost?

• A)$1711.60
• B)$1811.40
• C)$1840.40
• D)$1910.80
• E)$2004.80

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Definitions:

Demand

The willingness and ability of consumers to purchase goods or services at a given price level.

Supply

The complete quantity of a product or service that can be bought at a particular price point.

Price Floor

A legally established minimum price for a good, or service. Normally set at a price above the equilibrium price.

Competitive Market

A market structure characterized by a large number of buyers and sellers, free entry and exit, and a high level of competition.