Table 4.1 -Refer to Table 4.1.Suppose That a Simple Economy Produces Only

question 233

Multiple Choice

Table 4.1
-Refer to Table 4.1.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

• A)$114.50.
• B)3,090 units.
• C)$7,250.
• D)$8,750.
• E)$9,750.

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Definitions:

Next Financial Year

The forthcoming fiscal period for a business or organization, following the current fiscal year.

Actual Performance

The real, observed outcomes or results achieved by an individual, team, or organization, often compared against planned or expected performance.

Control

The process of directing, monitoring, and adjusting resources and operations to achieve certain objectives.

Actual Performance

The real, observed results achieved by an organization or individual, contrasted with planned or expected performance.