1. An economy that is closed to the outside world and has no government is made up of three industries (there is no trade within industries). Industry A mines raw materials, it pays £112 billion to its workers and it sells £96 billion worth of output to industry B, £48 billion worth to industry C, and adds £48 billion worth of current production to its inventory. Industry B makes a range of manufactured goods and sells £224 billion worth to households and pays £112 billion in wages to its workers. Industry C provides a range of services, selling £256 billion worth to consumers and paying its workers £160 billion in wages. There are no transactions between industries B and C and there are no other industries in the economy. What is the value of GDP? £400 billion. £688 billion. £480 billion. d) £528 billion. £736 billion.

1. An economy that is closed to the outside world and has no government is made up of three industries (there is no trade within industries). Industry A mines raw materials, it pays £112 billion to its workers and it sells £96 billion worth of output to industry B, £48 billion worth to industry C, and adds £48 billion worth of current production to its inventory. Industry B makes a range of manufactured goods and sells £224 billion worth to households and pays £112 billion in wages to its workers. Industry C provides a range of services, selling £256 billion worth to consumers and paying its workers £160 billion in wages. There are no transactions between industries B and C and there are no other industries in the economy. What is the value of GDP? £400 billion. £688 billion. £480 billion. d) £528 billion. £736 billion.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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