Suppose an economy produces steel, wheat, and oil. The steel industry produces $120,000 in revenue, spends $14,000 on oil, $12,000 on wheat, pays workers $85,000. The wheat industry produces $160,000 in revenue, spends $23,000 on oil, $12,000 on steel, and pays workers $95,000. The oil industry produces $220,000 in revenue, spends $45,000 on wheat, $35,000 on steel, and pays workers $110,000. There is no government. There are neither exports nor imports, and none of the industries accumulate or de-accumulate inventories. Calculate GDP using the production and income methods.

Suppose an economy produces steel, wheat, and oil. The steel industry produces $120,000 in revenue, spends $14,000 on oil, $12,000 on wheat, pays workers $85,000. The wheat industry produces $160,000 in revenue, spends $23,000 on oil, $12,000 on steel, and pays workers $95,000. The oil industry produces $220,000 in revenue, spends $45,000 on wheat, $35,000 on steel, and pays workers $110,000. There is no government. There are neither exports nor imports, and none of the industries accumulate or de-accumulate inventories. Calculate GDP using the production and income methods.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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