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

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

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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