A simple economy has four industries:

• The ag industry produces beef and potatoes, all of which are sold to the packing industry. Total sales by the ag industry are $120 per year.
• The packing industry processes beef and potatoes into packaged food products.Per year, the packing industry sells $70 of packaged food product to the retail industry, and the packing industry sells $70 of packaged food products directly to households.
• The retail industry sells packaged food products to households, with total sales of $230 per year.
• The grooming industry produces personal services using workers, and sells these services to households. Total sales by the grooming industry are $350 per year.

Statement to evaluate: The value of GDP for this economy is less than $700 per year