Insert Table Chart Text Shape MediaComment 1) Sam sells $70 worth of wheat grain
ID: 1155314 • Letter: I
Question
Insert Table Chart Text Shape MediaComment 1) Sam sells $70 worth of wheat grains to Olivia. Olivia turns the wheat grains into flour, which she sells to Cathy for $100. Cathy uses the flour to make bread that she sells to Chloe's Grocery for $150 Chloe's Grocery sells the bread for $300 to various customers of the store. The total contribution to GDP of this series of transactions is: 2) A farmer grows corn, which she sells for $15; a miller buys the corn, grinds it, and sells it as corn meal for $25; a baker buys the corn meal and sells it as corn muffins for $34. What was the value added of each person? 3) Assume the following: Government Purchases $200 Consumption Expenditures $500 Gross investment Exports $320 $400 MacBook AirExplanation / Answer
1.
Total contribution to the GDP = final value of the finished product, for end consumers
Total contribution to the GDP = $300
2.
Value added of the farmer = $15
Value added of the miller = 25-15 = $15
Value added of the baker = 34-25 = $9
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