Economics Development - Assignment
Added on 2021-06-14
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Running Head: ECONOMICS ASSIGNMENT Economics AssignmentName of the StudentName of the UniversityCourse ID
ECONOMICS ASSIGNMENT 1Table of ContentsTask 6...............................................................................................................................................2Answer 1......................................................................................................................................2Answer 2......................................................................................................................................2Answer 3......................................................................................................................................2Answer 4......................................................................................................................................3Answer 5......................................................................................................................................3Answer 6......................................................................................................................................3Task 7...............................................................................................................................................4Answer 1......................................................................................................................................4Answer 2......................................................................................................................................4Answer 3......................................................................................................................................5Answer 4......................................................................................................................................5References........................................................................................................................................8
ECONOMICS ASSIGNMENT 2Task 6Answer 1Gross Domestic Product of a nation is a measure of total market value of goods andservices that the country produces are a given year. Intermediate goods refer to the kind of goodsthat are made as an input in the production of finished good. GDP includes only market value offinal goods and services. As intermediate goods are not directly marketed they are not includedin the measure of GDP (Goodwin et al. 2015). Whether a good is used as an intermediate goodsor a final good that depends on nature of use. Salt is an example of intermediate good. Salt canbe consumed directly and can also be used in manufacturing food products. Answer 2GDP=(5000×$300)+(500×$25000)+(100×$2000)¿$1500000+$12500000+$200000¿$14200000GDP of a nation signifies market values of final goods and services produced within thecountry. In the computation of GDP, only final goods are included (Agénor and Montiel 2015).For the given economy, steel is used as an intermediary to produce cars. Therefore, incalculating GDP, the value of steel is not included. Other goods and services such as iPods, Carsand legal services are included. The respective values are obtained from the product of goods andservices. GDP is the sum of the values of goods and services. GDP for the given closedeconomy for the year 2016 is obtained as $14200000.Answer 3
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