Question

Assume an economy with two firms. Firm A
produces wheat and firm B produces bread. In
a given year, firm A produces 50,000 bushels
of wheat, sells 20,000 bushels to firm B at $3
per bushel, exports 25,000 bushels at $3 per
bushel, and stores 5,000 bushels as inventory.
Firm A pays $50,000 in wages to consumers.
Firm B produces 50,000 loaves of bread, and
sells all of it to domestic consumers at $2 per
loaf. Firm B pays consumers $20,000 in wages.
In addition to the 50,000 loaves of bread
consumers buy from firm B, consumers import
and consume 15,000 loaves of bread, and they
pay $1 per loaf for this imported bread.
Calculate gross domestic product for the year
using (a) the product approach, (b) the
expenditure approach, and (c) the income
approach​

Answer 1

Answer:

70,0000

150,000

65,0000

15,0000

10,0000