Country X Produces Only One Good

question 51

Multiple Choice

Country X produces only one good.It produced 12,500 units of a good during a particular year.If the price of the good during that year was $100 and the price of the good during the base year was $95,the nominal GDP of the country is ________.

• A) $1,187,500
• B) $1,250,000
• C) $875,000
• D) $2,450,000

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Definitions:

Labor Law

The collection of laws, regulations, and prior judicial decisions that delineate the legal entitlements and limitations for employees and their unions.

Industrial Democracy

A system of governance in an organization where all stakeholders, including employees, have a say in decision-making processes.

Democratic Principles

The fundamental guidelines that promote equality, freedom, and justice within societies, often associated with the practice of voting and majority rule.

Labor Union

An organization formed by workers to protect and advance their rights and interests through collective bargaining.