In the economy of Pizzania, bread and cheese produced aresold both to the pizza company for inputs in the production ofBreadCheesePizzacompanycompanycompanypizzas and to consumers as final goods. The accompanyingtable summarizes the activities of the three companies.$50 (bread)Cost of inputs$0$035 (cheese)Wages253075Value of output10060200a. Calculate GDP as the value added in production.400Incorrectb. Calculate GDP as spending on final goods and services.$Incorrectc. Calculate GDP as factor income.$Incorrect%24

In the economy of Pizzania, bread and cheese produced are sold both to the pizza company for inputs in the production of pizzas and to consumers as final goods. The accompanying table summarizes the activities of the three companies. Bread Cheese Pizza company company company $50 (bread) Cost of inputs $0 $0 35 (cheese) Wages 25 30 75 Value of output 100 60 200 a. Calculate GDP as the value added in production. 400 $ Incorrect b. Calculate GDP as spending on final goods and services.

In the economy of Pizzania, bread and cheese produced are sold both to the pizza company for inputs in the production of pizzas and to consumers as final goods. The accompanying table summarizes the activities of the three companies. Bread Cheese Pizza company company company $50 (bread) Cost of inputs $0 $0 35 (cheese) Wages 25 30 75 Value of output 100 60 200 a. Calculate GDP as the value added in production. 400 $ Incorrect b. Calculate GDP as spending on final goods and services.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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