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 methods. QUESTION TWO Suppose the unemployment rate is 6%, the total working-age population is 120 million, and the number of unemployed is 3.5 million. Determine: (a) The participation rate. (b) The size of the labor force. (c) The number of employed workers. (d) The Employment-Population rate