Acme Steel Co. produces 1,000 tons of steel. Steel sells for $30 per ton. Acme pays wages of $10,000. Acme buys $15,000 worth of coal, which is needed to produce the steel. Acme pays $2,000
In taxes. Acme's contribution to GDP is
A) $60,000.
B) $45,000.
C) $30,000.
D) $15,000.
E) $20,000.
Correct Answer:
Verified
Q14: When there is rapid inflation
A)growth in nominal
Q15: Government expenditures does NOT include
A)government consumption.
B)provincial and
Q16: Even when measured accurately, GDP may be
Q17: Significant problems with measuring real GDP and
Q18: It is difficult to accurately measure real
Q20: An example of a flow would be
Q21: GDP may inaccurately measure the value of
Q22: Discouraged workers are
A)those who would like to
Q23: Investment spending is
A)much more volatile than consumption
Q24: The implicit GDP price deflator can be
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