Assume a Simple Economy with No Government and No Foreign

question 34

Essay

Assume a simple economy with no government and no foreign trade. The firm produces 100 units of output, sells 80 to consumers for a price of $1, and adds the remaining 20 to its inventory at a price of $0.75. Each unit costs $0.75 to produce, which is equal to the labor cost. There are no other costs associated with production.
(A) Name thee weys yau cauld measure GDP fram these data.
(B) Shaw haw yau wauld perfarm each calculation.

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Definitions:

Genus

A category used in biological classification that ranks above species and below family, grouping species that share common characteristics.

Species

A group of living organisms consisting of similar individuals capable of exchanging genes or interbreeding, classified within a common category.

Referent

An object or event in the world that a word or phrase denotes, refers to, or stands for.

Genus

A term used in taxonomy to rank an organism, grouping together species that share common characteristics.