In 2016, country A faced unfavorable weather conditions. Wheat production decreased to 450kg. Wheat-growers continued to sell 100kg to consumers, but could only sell 350kg to flour mills. To maintain production, flour mills imported 50kg of wheat from abroad, and maintained their production and sales unchanged. Prices did not move between 2015 and 2016. What is the GDP for 2016?

In 2016, country A faced unfavorable weather conditions. Wheat production decreased to 450kg. Wheat-growers continued to sell 100kg to consumers, but could only sell 350kg to flour mills. To maintain production, flour mills imported 50kg of wheat from abroad, and maintained their production and sales unchanged. Prices did not move between 2015 and 2016. What is the GDP for 2016?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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In 2016, country A faced unfavorable weather conditions. Wheat production decreased to 450kg.
Wheat-growers continued to sell 100kg to consumers, but could only sell 350kg to flour mills. To
maintain production, flour mills imported 50kg of wheat from abroad, and maintained their
production and sales unchanged. Prices did not move between 2015 and 2016.
What is the GDP for 2016?

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Question 3
2/2 pts
The economy of country A has two sectors: wheat-growing, and flour-
making.
In 2015, the wheat growers paid their workers a total of $300 and produced a
total of 500 kg of wheat. They sold 100kg directly to consumers, and 400 kg
to the flour mills. The selling price for 1 kg of wheat was $1.5.
The same year, flour producing firms paid their workers $350. They produced
350kg of flour: 300kg were sold on the local market, and 50kg were shipped
abroad as exports. The selling price for 1 kg of flour is $4.
Compute the GDP for country A in 2015
1,550
Incorrect
Question 4
0/ 2 pts
In 2016, country A faced unfavorable weather conditions. Wheat production
decreased to 450kg. Wheat-growers continued to sell 100kg to consumers,
but could only sell 350kg to flour mills. To maintain production, flour mills
imported 50kg of wheat from abroad, and maintained their production and
sales unchanged. Prices did not move between 2015 and 2016.
What is the GDP for 2016?
1,675

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