Which contributes more to GDP? The production of a pound of hamburger or the production of...
Which contributes more to GDP? The production of a pound of hamburger or the production of a pound of high quality of tenderloin steak? Justify your answer
Homework Answers
A pound of high quality tenderloin steak contributes more to GDP as compared to a pound of hamburger.
The reason is that GDP is the market value of the goods or services produced in an economy in a given year. So, higher the market value of a good, the higher is the contribution to the GDP.
Here, the market value of a pound of tenderloin steak is higher. Therefore, it's contribution to GDP is higher.
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