Economics National Income Statistics for ABC in 2022 ITEMS MILLION Agriculture 10000 Mining and quarrying 1500 Education 400 Military 6000 Telecommunication 850 Net payment from abroad 450000 Capital consumption 50000 Tourism 900 Electricity, gas, and water 6400 Indirect tax 510 Subsidies 500 Wages and salary -54000 What would be the GDP MP? (a) 26000 (b) 26050 (c) 27800 (d) 29100

Economics National Income Statistics for ABC in 2022 ITEMS MILLION Agriculture 10000 Mining and quarrying 1500 Education 400 Military 6000 Telecommunication 850 Net payment from abroad 450000 Capital consumption 50000 Tourism 900 Electricity, gas, and water 6400 Indirect tax 510 Subsidies 500 Wages and salary -54000 What would be the GDP MP? (a) 26000 (b) 26050 (c) 27800 (d) 29100

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter19: The Macroeconomic Perspective

Section: Chapter Questions

Problem 5SCQ: According to Table 19.7, how often have recessions occurred since the end of World War II (1945)?

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The Consumer Price Index is subject to the substitution bias and me quality/new goods bias. Are the Producer Price index and the GDP deflator also subject to these biases? Why or why not?
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