Business
Business, 16.02.2022 08:50, jaxheisjax532

Suppose an economy produces steel, wheat, and oil. The steel industry produces $100,000 in revenue, spends $4,000 on oil, $10,000 on wheat, pays workers $80,000. The wheat industry produces $150,000 in revenue, spends $20,000 on oil, $10,000 on steel, and pays workers $90,000. The oil industry produces $200,000 in revenue, spends $40,000 on wheat, $30,000 on steel, and pays workers $100,000. There is no government. There are neither exports nor imports, and none of the industries accumulate or deaccumulate inventories. Calculate GDP using the production and income approaches.

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Suppose an economy produces steel, wheat, and oil. The steel industry produces $100,000 in revenue,...

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