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 X extracts raw materials from mines and produces energy, it pays £28 billion to its workers and it sells £24 billion worth of output to industry Y, £12 billion worth to industry Z, and £12 billion worth direct to consumers (through its own energy supply network). Industry Y makes a range of manufactured goods and sells £56 billion worth to households and pays £28 billion in wages to its workers. Industry Z provides a range of services, selling £64 billion worth to consumers and paying its workers £40 billion in wages. There are no transactions between industries Y and Z and there are no other industries in the economy. What is the value of GDP? a) £100 billion. b) £92 billion. c) £120 billion. d) £132 billion. e) £172 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 X extracts raw materials from mines and produces energy, it pays £28 billion to its workers and it sells £24 billion worth of output to industry Y, £12 billion worth to industry Z, and £12 billion worth direct to consumers (through its own energy supply network). Industry Y makes a range of manufactured goods and sells £56 billion worth to households and pays £28 billion in wages to its workers. Industry Z provides a range of services, selling £64 billion worth to consumers and paying its workers £40 billion in wages. There are no transactions between industries Y and Z and there are no other industries in the economy. What is the value of GDP? a) £100 billion. b) £92 billion. c) £120 billion. d) £132 billion. e) £172 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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