Chapter 19, Problem 28P

Last year, a small nation with abundant forests cut down $\$\text{2}00$ worth of trees. It then turned $\$\text{1}00$ worth of trees into $\$\text{15}0$ worth of lumber. It used $\$\text{1}00$ worth of that lumber to produce $250 worth of bookshelves. Assuming the country produces no other outputs, and there are no other inputs used in producing trees, lumber, and bookshelves, what is this nation’s GDP? In other words, what is the value of the final goods the nation produced including trees, lumber and bookshelves?