2. Consider the interindustry table below. Now assume that the price of each item in year 2050 is given as follows: Grain: $8,000/t Ingredient: $250/stuff Clothes: $500/clothes [M5]: How many tons of grain are used to produce ingredient? a. Nothing b. 200 t c. 300 t d. 400 t e. 500 t [M6]: What is the GDP of this year? a. $9 million b. $11.2 million c. $12.2 million d. $16.2 million e. $21.2 million [M7]: Suppose the prices in year 2060 change as follows: Grain: $10,000/t Ingredient: $300/stuff Clothes: $500/clothes But the amounts of products are the same as the following table, then what is the GDP of 2060? a. $9 million b. $10 million c. $12.2 million d. $15 million e. $25 million [M8]: What is the GDP deflator of 2060 based on 2050? a. 84.8 b. 90 c. about 100.0 d. about 111.1 e. about 117.9 GRAIN INGREDI-ENT CLOTHES CONSUM-PTION PRUDUCT GRAIN 400 t 300 t 200 t 500 t 1,400t INGREDIENT 10,000 10,000 20,000 stuff stuff stuff CLOTHES 10,000 10,000 clothes clothes LAND 70 ha 50 ha 10 ha LABOR 500 200 400 people people people PRODUCT 1,400 t 20,000 10,000 stuff stuff

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