Wobet Is a Small Country That Produces Only Steak and Potatoes

question 42

Multiple Choice

Wobet is a small country that produces only steak and potatoes. Steaks have a price of $10 each and potatoes have a price of $1 each. Suppose that Wobet produces 10 steaks and 20 potatoes in 2010. Using ________, Wobet has GDP equal to ________.

• A) a price index; $120
• B) market value; $120
• C) market value; 30 units
• D) real value; $120
• E) a market basket; 30 units

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Definitions:

Trust

The reliance on the integrity, strength, abilities, or surety of a person or entity.

Cohabitation

Cohabitation with a partner and maintaining a sexual relationship, all outside the institution of marriage.

Remarriage

The act of marrying again after one's marriage has ended through divorce or widowhood, indicating the start of a new marital relationship.

Divorced

The status of having legally dissolved one's marriage, thereby ending the marital relationship and its legal responsibilities and duties.