The Table Below Shows Total Output for an Economy Over

question 91

Multiple Choice

The table below shows total output for an economy over 2 years.
TABLE 20-5
-Refer to Table 20-5.The nominal Gross Domestic Product in 2016 was

• A)$700.
• B)$840.
• C)$980.
• D)$1740.
• E)$1820.

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Definitions:

Markets for Goods

Platforms or mediums where goods and services are exchanged between buyers and sellers.

Households

Economic units consisting of all the people who occupy a housing unit, often playing a role as consumers in the economy.

Firms

Firms are business entities engaged in commercial, industrial, or professional activities, aiming to make a profit by providing goods or services.

Labor Supply Curve

a graphical representation showing the relationship between the wage rate and the quantity of labor workers are willing to supply.