3. Categories of expendituresShen and Valerie Ferrari live in Swarthmore, PA. Valerie's father, Antonio, lives in Sweden.For each of the following transactions that occur in their lives, identify whether it is included in the calculation of U.S. GDP as part of consumption (C),investment (I), government purchases (G), exports (X), or imports (M). Check all that apply.TransactionShen's employer upgrades all of its computer systems using U.S.-made parts.Valerie gets a new video camera made in the United States.The state of Pennsylvania repaves highway PA 320, which goes through the center of Swarthmore.Valerie's father in Sweden orders a bottle of Vermont maple syrup from the producer's website.Shen buys a bottle of Italian wine.OOOoo0I00000G00000X00000MOC0000

The GDP of a country includes all those transactions that involves production or consumption of…

Answered: Shen and Valerie Ferrari live in…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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An economy is based on three sectors, agriculture, manufacturing, and energy. Production of a dollar's worth of agriculture requires inputs of $0.30 from agriculture, $0.30 from manufacturing, and $0.20 from energy. Production of a dollar's worth of manufacturing requires inputs of $0.20 from agriculture, $0.20 from manufacturing, and $0.30 from energy. Production of a dollar's worth of energy requires inputs of $0.20 from agriculture, $0.40 from manufacturing, and $0.40 from energy. Find the output for each sector that is needed to satisfy a final demand of $54 billion for agriculture, $44 billion for manufacturing, and $33 billion for energy. The output of the agricultural sector is billion dollars. (Round the final answer to three decimal places as needed. Round all intermediate values to six decimal places as needed.)
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An economy is based on three sectors, agriculture, manufacturing, and energy. Production of a dollar's worth of agriculture requires inputs of $0.30 from agriculture, $0.30 from manufacturing, and $0.20 from energy. Production of a dollar's worth of manufacturing requires inputs of $0.20 from agriculture, $0.20 from manufacturing, and $0.30 from energy. Production of a dollar's worth of energy requires inputs of $0.20 from agriculture, $0.40 from manufacturing, and $0.40 from energy. Find the output for each sector that is needed to satisfy a final demand of $57 billion for agriculture, $19 billion for manufacturing, and $21 billion for energy.
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