Table 8-2 -Refer to Table 8-2.Suppose That a Simple Economy Produces Only

question 31

Multiple Choice

Table 8-2

-Refer to Table 8-2.Suppose that a simple economy produces only four goods and services: shoes,DVDs,tomatoes,and ketchup.Assume one half of the tomatoes are used in making the ketchup and the other half of the tomatoes are purchased by households.Using the information in the above table,nominal GDP for this simple economy equals

• A)$7,400.
• B)$6,400.
• C)$5,800.
• D)2,440 units.

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Definitions:

International Treaties

Agreements under international law entered into by countries in written form and governed by international law.

Protection

Measures or actions taken to guard against loss, damage, or injury in various contexts.

Trademark Infringement

The unauthorized use of a trademark or service mark on or in connection with goods and/or services in a manner that is likely to cause confusion, deception, or mistake about the source of the goods and/or services.

Prospective Purchasers

Potential buyers who are interested in acquiring goods, services, property, or other assets.