In 2016, country A faced unfavorable weather conditions. Wheat production decreased to 450kg. Wheat-growers continued to sell 100kg to consumers, but could only sell 350kg to flour mills. To maintain production, flour mills imported 50kg of wheat from abroad, and maintained their production and sales unchanged. Prices did not move between 2015 and 2016. What is the GDP for 2016?

In 2016, country A faced unfavorable weather conditions. Wheat production decreased to 450kg. Wheat-growers continued to sell 100kg to consumers, but could only sell 350kg to flour mills. To maintain production, flour mills imported 50kg of wheat from abroad, and maintained their production and sales unchanged. Prices did not move between 2015 and 2016. What is the GDP for 2016?

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter19: The Macroeconomic Perspective

Section: Chapter Questions

Problem 1SCQ: Country A has export sales of 20 billion, government purchases of 1,000 billion, business investment...

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