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EC140 - Midterm 1 (CHAPTER 20)-questions with accurate answers (verified )Graded A+
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In Shoetown, a rancher takes $80 worth of inputs and produces animal skins, which he sells to the tanner for $400. The tanner then sells leather to the shoemaker for $690, and the shoemaker then sells $1 200 worth of shoes. The value added from these transactions is A. $2,370. B. $2,100 C. $1,200. D. $770 E. $1120 - Answers-E. $1120 Suppose nominal national income in some country fell from $100 billion to $95 billion during the year. Over the same period, inflation was 5%. In this case, the real national income in this country A. rose by 10%. B. fell by 5%. C. fell by 10%. D. rose by 5%.
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ec140 midterm 1 chapter 20 questions with accu
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wellbeing of the countrys residents is that it i
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one reason that real gdp tends to overstate the ec
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a the economic bads associated with production
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