Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

5. Find the contribution to U.S GDP from the transactions listed below by The Flour Mill (US), The Bread Basket (US), Sacs for Grains (Mexico),

image text in transcribed
5. Find the contribution to U.S GDP from the transactions listed below by The Flour Mill (US), The Bread Basket (US), Sacs for Grains (Mexico), and The Cake Baker (Canada). You may use any approach (Product, Income, Expenditure), but identify what approach you use and clearly show all the calculations. Notes: You can check your answer by using a second approach. Be careful to include only economic activity in the U.S. You must show all calculations used for the approach you choose. The Flour Mill, Michigan, USA (owner is US) Wages paid to The Flour Mill Employees $12,000 Flour sacs purchased from Sacs for Grains, Mexico 3,000 Flour sold to The Bread Basket in Michigan US 15,000 Flour sold to The Cake Baker in Ontario Canada 10,000 The Bread Basket, Michigan, USA (owner is US) Wages paid to The Bread Basket Michigan Employees 6,000 Flour purchased from The Flour Mill for Michigan 15,000 Revenue from sale of bread to US buyers 27,000 The Cake Baker, Ontario, Canada (owner is Canadian) Flour purchased from The Flour Mill 10,000 Wages paid to The Cake Baker Employees 4,000 Revenue from sale of cakes to Canadian buyers 15,000 Revenue from sale of cakes to US buyers 5,000 The (Product / Income / Expenditure) Approach was used (circle); The contribution to U.S. GDP

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Understanding Econometrics With Economic Applications

Authors: Dennis Halcoussis

1st Edition

0030348064, 9780030348068

More Books

Students also viewed these Economics questions

Question

What does an organization need to do to encourage intrapreneurship?

Answered: 1 week ago

Question

In your own words, summarize the primary objectives of unions.

Answered: 1 week ago