In Lumberville,the Lumberjack Cuts Trees and Sells Them to the Local

question 13

Multiple Choice

In Lumberville,the lumberjack cuts trees and sells them to the local mill for $500.The local mill processes these trees into wood planks and sells them to the carpenter for $800.Finally,the carpenter uses these wood planks to make tables which he sells for $1400 to Lumberville's residents.If we allowed double counting,the total value of Lumberville's output would be calculated as ________.But if we correctly compute the total value added,the value of the total output in Lumberville would be ________.

• A)$1400; $1400
• B)$2200; $2700
• C)$2200; $4200
• D)$2700; $1400
• E)$4200; $2700

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Definitions:

Immanuel Kant

An 18th-century German philosopher known for his work in epistemology, ethics, and aesthetics, particularly for his philosophy of the categorical imperative.

Ethics

The study of moral principles that govern an individual's behavior or conducting of an activity.

Social Egalitarian

Advocating for social equality and a belief in the equitable distribution of wealth and opportunities among all people.

Libertarian

describes a political philosophy that emphasizes freedom, autonomy, and voluntary association, with a significant emphasis on individual rights and minimal state intervention.