Question

Test for O in both the market for goods and services and the market for factors of production. in only the market for factors of production. GDP provides a good indication of the size of the economy because it gives i it measures all new goods and all used goods. is an estimate of individual income. O it is a monetary measure of total production weight to consumer goods it must give up food to get more military equipment. it must give up military equipment to get more food it has to give up beh military equipment and food. it gains both military equipment and food Food An increase in the price of Sony TVs produced in Japan and sold in the US An increase in the price of Ford pickup tucks produced in the U.S. and sold in the US An increase in the price of agricultural equipment made in the US. and old i, the US. price index and the US. GDP deflator to O An increase in the price of tanks foe the U.S. military by General Motors

Answer 1

Q 23. Monetary measure of all goods and services. GDP is the final value of goods and services produced in a given year within a country's borders.

Used goods are not included in GDP. It includes all goods besides consumer goods.

Q 24.

It must give up more military equipment for food. The quantity of military equipment is decreasing and quantity of food is increasing.

Q 25.

An increase in the price of Ford pick up truck as it is included in both CPI and GDP deflator.