The total value of inputs used in the production of 100,000 units of a good manufactured in a country is $150,000. assume that the country produces only this good and each unit of the good sells for $10. The gdp of the country is $1,000,000
Total valve of input = $150,000
Total valve of production = 100,000 [tex]\times[/tex] $10 = $1,000,000
So the correct answer is $1,000,000
What is GDP?
A monetary indicator of the market worth of all the finished goods and services produced in a nation over a given time period is called the gross domestic product (GDP).This measurement is frequently changed before it can Because it is so intricate and subjective, it cannot be trusted as an indicator. Using GDP per capita at buying power parity as a benchmark, one can compare the standard of life of nations (PPP) may be more useful, whereas nominal GDP is more useful for comparing national economies on the global market. However, GDP (nominal) per capita does not take into account variations in the countries' inflation rates and cost of living. It is also possible to quantify the contribution of each industry or sector to the overall GDP.
To learn more about GDP
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