Scenario: a Country Produces Only One Good

question 175

Multiple Choice

Scenario: A country produces only one good. It produced 5,000 units of the good during Year 1 and 6,000 units of the good in Year 2. The price of each unit of the good in Year 1 was $280 and it was $320 in Year 2. Suppose Year 1 is taken as the base year for the calculation of GDP.
-Refer to the scenario above.Real GDP of the country has grown by ________.

• A) 0.2 percent
• B) 20 percent
• C) 10 percent
• D) 5 percent

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Definitions:

Social Needs

Human requirements for belonging, affection, acceptance, and friendship.

Emotional Support

Assistance provided by acting through empathy, concern, encouragement, and caring to help someone cope with their emotional or psychological struggles.

Hawthorne Studies

A series of studies conducted in the early 20th century that explored the effects of the work environment on employee productivity and morale.

Self-Awareness

The conscious knowledge of one’s own character, feelings, motives, and desires, being aware of oneself as an individual.