Table 19-1 -Refer to Table 19-1. Suppose That a Simple Economy Produces

question 199

Multiple Choice

Table 19-1

-Refer to Table 19-1. 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) 3,090 units.
• B) $7,250.
• C) $8,750.
• D) $9,750.

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Definitions:

Socioeconomic Status

A measure of an individual's or family's economic and social position relative to others, based on income, education, and occupation.

African Ancestry

refers to the lineage or heritage of an individual or community tracing back to the African continent.

Cultural Explanations

Interpretations or understandings of phenomena, behaviors, or conditions through the lens of cultural practices, beliefs, and norms.

Gender Differences

Variations in characteristics, behavior, and treatment based on an individual's sex, often studied in psychology and sociology.