Table 19-1 -Refer to Table 19-1. Suppose That a Simple Economy Produces

question 199

Multiple Choice

Table 19-1

-Refer to Table 19-1. Suppose that a simple economy produces only four goods and services: sweatshirts, dental examinations, coffee drinks, and coffee beans. Assume all of the coffee beans are used in the production of the coffee drinks. Using the information in the above table, nominal GDP for this simple economy equals

• A) 3,090 units.
• B) $7,250.
• C) $8,750.
• D) $9,750.

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Definitions:

Carrying Amount

The carrying amount is the value of an asset as represented in the accounting records, factoring in depreciation, amortization, and impairment costs.