The question requires us to determine the value of GDP .

Question

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Answer 1

Question

Chapter 3R, Problem 1MCQ

To determine

The question requires us to determine the value of GDP.

Expert Solution & Answer

Explanation of Solution

The income generated from the factors of production, i.e., land, labor, capital, and entrepreneurship are rent, wage, interest, and profit respectively. Sum of these four components; rent, wage, profit, and interest will represent the value of GDP in the country.

GDP = rent + wage + profit + interest = $750

So, value of GDP = $750.

Thus, option “c” is correct.

Economics Concept Introduction

GDP is the measurement of final goods and services produced in an economy in a financial year.

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Answer 2

Question

Chapter 3R, Problem 1MCQ

To determine

The question requires us to determine the value of GDP.

Expert Solution & Answer

Explanation of Solution

The income generated from the factors of production, i.e., land, labor, capital, and entrepreneurship are rent, wage, interest, and profit respectively. Sum of these four components; rent, wage, profit, and interest will represent the value of GDP in the country.

GDP = rent + wage + profit + interest = $750

So, value of GDP = $750.

Thus, option “c” is correct.

Economics Concept Introduction

GDP is the measurement of final goods and services produced in an economy in a financial year.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 3

Question

Chapter 3R, Problem 1MCQ

To determine

The question requires us to determine the value of GDP.

Expert Solution & Answer

Explanation of Solution

The income generated from the factors of production, i.e., land, labor, capital, and entrepreneurship are rent, wage, interest, and profit respectively. Sum of these four components; rent, wage, profit, and interest will represent the value of GDP in the country.

GDP = rent + wage + profit + interest = $750

So, value of GDP = $750.

Thus, option “c” is correct.

Economics Concept Introduction

GDP is the measurement of final goods and services produced in an economy in a financial year.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Question

Chapter 3R, Problem 1MCQ

To determine

The question requires us to determine the value of GDP.

Expert Solution & Answer

Explanation of Solution

The income generated from the factors of production, i.e., land, labor, capital, and entrepreneurship are rent, wage, interest, and profit respectively. Sum of these four components; rent, wage, profit, and interest will represent the value of GDP in the country.

GDP = rent + wage + profit + interest = $750

So, value of GDP = $750.

Thus, option “c” is correct.

Economics Concept Introduction

GDP is the measurement of final goods and services produced in an economy in a financial year.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 3R, Problem 1MCQ

To determine

The question requires us to determine the value of GDP.

Expert Solution & Answer

Explanation of Solution

The income generated from the factors of production, i.e., land, labor, capital, and entrepreneurship are rent, wage, interest, and profit respectively. Sum of these four components; rent, wage, profit, and interest will represent the value of GDP in the country.

GDP = rent + wage + profit + interest = $750

So, value of GDP = $750.

Thus, option “c” is correct.

Economics Concept Introduction

GDP is the measurement of final goods and services produced in an economy in a financial year.

Answer 6

Chapter 3R, Problem 1MCQ

To determine

The question requires us to determine the value of GDP.

Expert Solution & Answer

Explanation of Solution

The income generated from the factors of production, i.e., land, labor, capital, and entrepreneurship are rent, wage, interest, and profit respectively. Sum of these four components; rent, wage, profit, and interest will represent the value of GDP in the country.

GDP = rent + wage + profit + interest = $750

So, value of GDP = $750.

Thus, option “c” is correct.

Economics Concept Introduction

GDP is the measurement of final goods and services produced in an economy in a financial year.

Answer 7

Chapter 3R, Problem 1MCQ

To determine

The question requires us to determine the value of GDP.

Answer 8

Expert Solution & Answer

Explanation of Solution

The income generated from the factors of production, i.e., land, labor, capital, and entrepreneurship are rent, wage, interest, and profit respectively. Sum of these four components; rent, wage, profit, and interest will represent the value of GDP in the country.

GDP = rent + wage + profit + interest = $750

So, value of GDP = $750.

Thus, option “c” is correct.