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Author Question: Gross domestic product is calculated by summing up A) the total market value of goods and ... (Read 106 times)

wenmo

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on: Jun 29, 2018
Gross domestic product is calculated by summing up
 
  A) the total market value of goods and services in the economy.
  B) the total quantity of goods and services produced in the economy during a period of time.
  C) the total quantity of goods and services in the economy.
  D) the total market value of final goods and services produced in the economy during a period of time.

Question 2

The following table contains the actual prices charged by four Web sites for the PlayStation 4 game Call of Duty; Black Ops III in November 2015.
 
  Target 59.99
  Walmart 59.00
  Best Buy 59.99
  GameStop 59.99
 
  Explain whether the information in this table contradicts the law of one price.


dellikani2015

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Reply #1 on: Jun 29, 2018
Answer to Question 1

D

Answer to Question 2

The data in the table does not seem to contradict the law of one price, since the price of this game at Walmart is very close to the price at Best Buy, GameStop, and Target (only 0.99 less).


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