Table 19-2 -Refer to Table 19-2. Suppose That a Simple Economy Produces

question 95

Multiple Choice

Table 19-2

-Refer to Table 19-2. 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:

Id Impulses

Id impulses refer to the innate and primitive desires and drives present in the human psyche, as identified in Freudian psychoanalysis, representing the unconscious and demanding immediate satisfaction.

George Herbert Mead

An American sociologist and philosopher considered one of the founders of social psychology, known for his work on the development of self and the theory of symbolic interactionism.

Cultural Standards

The shared norms and values that define acceptable and desirable behavior within a particular society or community.

Process of Socialization

The process through which individuals learn and adapt to the norms, values, behaviors, and social skills necessary to interact within their society.