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Assume a simple economy with no government and no foreign trade.The firm produces 100 units of output,sells 80 to consumers for a price of $1,and adds the remaining 20 to its inventory at a price of $0.75.Each unit costs $0.75 to produce,which is equal to the labor cost.There are no other costs associated with production.
(A)Name three ways you could measure GDP from these data.
(B)Show how you would perform each calculation.
Accidental Injury
Physical harm or damage to a person resulting from unexpected or unplanned actions or events.
Physical Dependence
A physiological state of adaptation to a specific substance, leading to withdrawal symptoms when that substance is reduced or stopped.
Hallucinations
Perceptions in the absence of external stimuli, such as seeing or hearing things that aren't there.
Stimulant
A substance that increases activity in the body or brain, often leading to enhanced alertness, energy, or physical performance.
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