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Table 12-1 -Refer to Table 12-1

question 96

Multiple Choice

Table 12-1
$\begin{array}{|l|c|c|}\hline {\text { Product }} & \text { Quantity } & \text { Price } \\\hline \text { Sweatshirts } & 50 & \$ 35.00 \\\hline \text { Dental examinations } & 40 & 75.00 \\\hline \text { Coffee drinks } & 1,000 & 4.00 \\\hline \text { Coffee beans } & 2,000 & 0.50 \\\hline\end{array}$
-Refer to Table 12-1.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

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Definitions:

Signature Requirement

The legal or regulatory mandate that a document must be signed by one or more parties to validate or acknowledge it.

Uniform Commercial Code

A comprehensive set of laws governing commercial transactions in the United States, intended to harmonize laws across states and simplify transactions.

Agent

A person authorized to act on behalf of another person, typically in a business or legal matter.

Negotiable

A term denoting something that can be transferred or assigned from one party to another, typically referring to financial instruments or goods.