During 2008, The rawhide company produced enough rawhide for 1000 dog chews. The dog chew manufacturing company bought 75% of that rawhide for $1500 and promised to buy the remaining 25% for $500 in 2009. The dog chew manufacturing company produced 750 dog chews during 2008 and sold 500 during that year for $5. What was the contribution to GDP for 2008? Select one: O a. $2500 O b. $3750 O c. $5250 O d. $5750 O e. $4250

During 2008, The rawhide company produced enough rawhide for 1000 dog chews. The dog chew manufacturing company bought 75% of that rawhide for $1500 and promised to buy the remaining 25% for $500 in 2009. The dog chew manufacturing company produced 750 dog chews during 2008 and sold 500 during that year for $5. What was the contribution to GDP for 2008? Select one: O a. $2500 O b. $3750 O c. $5250 O d. $5750 O e. $4250

Brief Principles of Macroeconomics (MindTap Course List)

8th Edition

ISBN:9781337091985

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter5: Measuring A Nation's Income

Section: Chapter Questions

Problem 5PA

See similar textbooks

Similar questions

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?
What are the two main difficulties that arise in comparing different comparing GDP?
What are the main components of measuring GDP with what is demanded?
Explain briefly whether each of the following would cause GDP to overstate or understate the degree of change in the broad standard of living. The environment becomes dirtier The crime rate declines A greater variety of goods become available to consumers Infant mortality declines
Which of the following are included in GDP, and which are not? The cost of hospital stays The rise in life expectancy over time Child care provided by a licensed day care center Child care provided by a grandmother A used car sale A new car sale The greater variety of cheese available in supermarkets The iron that goes into the steel that goes into a refrigerator bought by a consumer.