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Chrome File Edit View History Bookmarks People Window Help 57% Mon 1:46 AM a E Connec ebook GDP M Chapter 7 P C Chegg Study ECO 2302 hom /hmEBook do?action itemLevel ezto.mheducation.com/hm.tpx Search ebo ontents Principles of Macroeconomics: Summer 2016 s in the market for goods and services. ECONOMICS ey they earn in revenue to pay wages to n the market for the factors of instructions l help Chapter 7 Problems actions, expenditures by one party are pR Ed Save & Exit Submit r simplification of the economy. (What Question 1 (of 20) r the money that is saved instead of that we should get to the same figure value: e measure expenditure or income in an 10.00 points nal expenditure National income Suppose a gold miner finds a gold nugget and sells the nugget to a mining company for $500 The mining company melts down the gold, purifies it, and sells it to a jewelry maker for $900 he study of macroeconomics The jewelry maker fashions the gold into a necklace that it sells to a department store for $1400 Finally, the department store sells the necklace to a customer for $1900. Instructions: Round your answer to the nearest dollar. As a result of these transactions, GDP increases by References eBook & Resources Unpacking the definition of GDP Check my work

Explanation / Answer

The GDP will increase by $1900. As GDP is the measure of market value of final goods, including all intermediate goods. Here profits earned and value added on the gold by Gold miner, mining company and jewellery maker is all included in the final market value i.e. $1900

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