Wobet Is a Small Country That Produces Only Steak and Potatoes.Steaks

question 49

Multiple Choice

Wobet is a small country that produces only steak and potatoes.Steaks have a price of $10 each and potatoes have a price of $1 each.Suppose that Wobet produces 10 steaks and 20 potatoes in 2010.Using ________,Wobet has GDP equal to ________.

• A)market value;30 units
• B)a market basket;30 units
• C)market value;$120
• D)real value;$120
• E)a price index;$120

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Definitions:

Gap-Filling Rules

Provisions in law that allow courts or parties to fill in missing terms in a contract.

Sale Of Goods

The transfer of ownership to tangible personal property in exchange for money, other goods, or the performance of service.

Enforceable Contract

A legal agreement between parties that is valid under the law and can be upheld in a court of law if breached.

Regular Delivery

A standard or expected schedule for the distribution of goods or messages.