-Using Above Table, How Much Is Contributed to the GDP

question 146

Multiple Choice

-Using above table, how much is contributed to the GDP from the production of the textbook?

• A) $118.90
• B) $32.00
• C) $78.90
• D) $40.00

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Definitions:

Quantity Demanded

The total amount of a good or service that consumers are willing to buy at a given price level in a given period.

Labor

The human effort, both physical and mental, used to produce goods and services.

Equilibrium Wage

The wage rate at which the quantity of labor employers are willing to hire equals the quantity workers are willing to supply, with no excess demand or supply.

Quantity Of Labor

The total number of labor hours provided by workers for the production of goods or services.