An Automobile Factory in Michigan Uses $100,000 Worth of Parts

question 42

Multiple Choice

An automobile factory in Michigan uses $100,000 worth of parts purchased from foreign countries along with U.S.inputs to produce 30 cars worth $20,000 each.Twenty of these cars are sold and 10 are left in inventory.How much did these actions add to GDP?

• A)$300,000
• B)$500,000
• C)$600,000
• D)$700,000

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Definitions:

Socioeconomic Status

A combined measure that typically includes a person's income, education level, and occupation to classify their position within society.

Internal Stratification

The division of a society or group into different levels or statuses, based on socio-economic conditions or other criteria, occurring within a particular society or entity.

International Stratification

The hierarchical arrangement of countries or nations based on economic, social, or political criteria, leading to inequalities in wealth, power, and status.

Class Analysis

The examination of the social and economic divisions within a society, particularly related to the distribution of wealth, economic status, and social influence.