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
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
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
Please answer M8
![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?
d. 400 t
a. Nothing
b. 200 t
c. 300 t
e. 500 t
[M6]: What is the GDP of this year?
a. $9 million b. SI1.2 million c. $12.2 million d. S16.2 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?
c. about 100.0
a. 84.8
d. about 111.1
b. 90
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
рeople
people
рeople
PRODUCT
1,400 t
20,000
10,000
stuff
stuff](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F1077e2db-e230-4539-af72-4ff36b7e393b%2F5db08e7f-2551-44bc-82db-823dc21de9b2%2F1fkpy_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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?
d. 400 t
a. Nothing
b. 200 t
c. 300 t
e. 500 t
[M6]: What is the GDP of this year?
a. $9 million b. SI1.2 million c. $12.2 million d. S16.2 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?
c. about 100.0
a. 84.8
d. about 111.1
b. 90
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
рeople
people
рeople
PRODUCT
1,400 t
20,000
10,000
stuff
stuff
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