Suppose that the following table represents the goods and services produced in ...
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Suppose that the following table represents the goods and services produced in a very simple closed economy in 2018. Assume that steel is used as an input in the production of cars. Using that information, calculate the GDP for the year 2018. Show and explain all the steps.
Product | Quantity | Price |
Steel | 1 500 | $100 |
iPhones | 5 000 | $300 |
Cars | 500 | $25 000 |
Legal services | 100 | $2 000 |
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