Lumber is used to produce furniture that is sold to consumers. The lumber iscounted in gross domestic product (GDP). The furniture iscounted in GDP.O a final; is; an intermediate; is notO a final; is; a final; isOan intermediate; is; an intermediate; isan intermediate; is not; a final; isO an intermediate; is; a final; is notgood and its valuegood and its value

GDP or Gross Domestic Product is the sum total of the market value of final goods and services…

Lumber is used to produce furniture that is sold to consumers. The lumber is counted in gross domestic product (GDP). The furniture is counted in GDP. O a final; is; an intermediate; is not a final; is; a final; is an intermediate; is; an intermediate; is an intermediate; is not; a final; is an intermediate; is; a final; is not good and its value good and its value

Lumber is used to produce furniture that is sold to consumers. The lumber is counted in gross domestic product (GDP). The furniture is counted in GDP. O a final; is; an intermediate; is not a final; is; a final; is an intermediate; is; an intermediate; is an intermediate; is not; a final; is an intermediate; is; a final; is not good and its value good and its value

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Suppose a simple economy produces only two goods, pillows and rugs. In the first year, 5O pillows are produced, and sold at $5 each; 11 rugs are produced, and sold at $50 each. In the second year, 54 pillows are produced, and sold for $6 each; 12 rugs are produced, and sold at $52 each. In the third year, 60 pillows are produced and sell for $7.00 dollars each; 14 rugs are produced and sold for 64 dollars each. Calculate real GDP for each year and the growth rate of real GDP from year 1 to year 2 and from year 2 to year 3..
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A final good or service is something that O retains no value when factored into the GDP O is not a component of another good or service O does not factor into the GDP is the component for a final product