Macroeconomics (Cloth) (Instructor's)
10th Edition
ISBN: 9781319106003
Author: Mankiw
Publisher: MAC HIGHER
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Chapter 2, Problem 2QR
To determine
Components of
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Macroeconomics (Cloth) (Instructor's)
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- Last year, a small nation with abundant forests cut down 200 worth of trees. It then turned 100 worth of trees into 150 worth of lumber. It used 100 worth of that lumber to produce $250 worth of bookshelves. Assuming the country produces no other outputs, and there are no other inputs used in producing trees, lumber, and bookshelves, what is this nations GDP? In other words, what is the value of the final goods the nation produced including trees, lumber and bookshelves?arrow_forwardWhat are the main components of measuring GDP with what is produced?arrow_forward
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