The Following Table Provides Data for an Economy in a Certain

question 37

Multiple Choice

The following table provides data for an economy in a certain year. Given the data in the table, compute the value of GDP.

• A) 130
• B) 140
• C) 150
• D) 160

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Definitions:

Social Costs

The total cost to society, including both the private costs borne by producers and also any external costs to others not involved in the transaction.

Social Benefits

The aggregate advantage to society derived from the production or consumption of a product, encompassing both individual benefits and any additional external advantages.

Pay-per-view Movies

A service that allows consumers to pay for individual movies to watch rather than subscribing to a broad service offering.

Common Resource

A resource like air or water that is available to all but can be depleted by overuse.