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Consider a U.S. economy consisting of 4 sectors: (1) Textiles, (2) Apparel, (3) Farms, and (4) Wholesale Trade. The following (IA)1 matrix was computed from
Consider a U.S. economy consisting of 4 sectors: (1) Textiles, (2) Apparel, (3) Farms, and (4) Wholesale Trade. The following (IA)1 matrix was computed from an input-output table for this economy: (IA)1=1.21970.01340.08750.00500.17231.0700.01230.00070.000601.20470.00340.00380.00110.00221.0413. Question 6 Not yet answered Points out of 5.00 Flag question Question text What is the interpretation of the 2,3 -entry of (IA)1 ? Question 6Answer a. It takes $0.0123 worth of farm goods and services to produce 1 unit of apparel products. b. It takes $0 worth of apparel products to meet a 1 unit increase in demand for farm goods and services. c. It takes $0.0123 worth of farm goods and services to meet a 1 unit increase in demand for apparel products. d. It takes $0 worth of apparel products to produce 1 unit of farm goods and services
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