Suppose that the following table represents the goods and services produced in a very simple economy. Assume that steel is used as an input in
Suppose that the following table represents the goods and services produced in a very simple economy. Assume that steel is used as an input in the production of autos. Using the information, calculate the GDP for the year 2020. Make sure to provide a complete illustration. (20 marks) Product Quantity Price Steel 1,000 $100 iPods 5,000 $300 Autos 500 $25,000 Legal services 100 $2,000
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