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Table 19-9 -Refer to Table 19-9

question 44

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Table 19-9
 Product  Quantity  Price per  Unit  Steel 1,000$100 iPods 5,000200 Autos 50025,000 Legal services 1002,000\begin{array} { | l | c | c | } \hline \text { Product } & \text { Quantity } & \begin{array} { c } \text { Price per } \\\text { Unit }\end{array} \\\hline \text { Steel } & 1,000 & \$ 100 \\\hline \text { iPods } & 5,000 & 200 \\\hline \text { Autos } & 500 & 25,000 \\\hline \text { Legal services } & 100 & 2,000 \\\hline\end{array}
-Refer to Table 19-9.Suppose that the above table represents the goods and services produced in a very simple economy in 2016.Assume that steel is used as an input in the production of autos.Using that information,calculate GDP for the year 2016.


Definitions:

Benefits Outweigh

A situation where the positive aspects or outcomes of a decision or action are more substantial than the negative ones.

Validity

The degree to which a concept, conclusion, or measurement is well-founded and likely corresponds accurately to the real world.

Reliability

Reliability in social science research refers to the consistency and dependability of measurement tools and methods, ensuring that studies can be replicated and results are stable over time.

Interconnected

Having parts or elements linked or related closely to each other.

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