Suppose that the following table represents the goods and services produced in a very simple closed economy in 2013.Assume that steel is used as an input in the production of cars.Using that information,calculate the GDP for the year 2013.
Definitions:
Property Rights
The theoretical and legal ownership rights over resources including the right to use, sell, and lease.
Open Ocean
The vast, deep waters of the world ocean, lying beyond the continental shelves and characterized by a wide variety of marine species and ecosystems.
Nonrenewable Natural Resources
Natural resources such as coal, oil, and natural gas that cannot be replenished within a human lifespan once consumed.
Fixed Supply
A scenario where the quantity of a good or resource available does not change in response to changes in price.
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