the GDP of the economy using the approach of production-of-final-goods when: to mine 75 pounds of silver$200000 is paid by the silver mining company which is then sold later to the jewelry manufacturer for the price of $300000. in order to make silver necklaces $250000 is paid by the jewelry manufacturer to the workers which is then sold to the consumers directly at a worth price of $1000000.

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Answer 1

Question

Chapter 2, Problem 3QAP

a.

To determine

the GDP of the economy using the approach of production-of-final-goods when:

to mine 75 pounds of silver$200000 is paid by the silver mining company which is then sold later to the jewelry manufacturer for the price of $300000.

in order to make silver necklaces $250000 is paid by the jewelry manufacturer to the workers which is then sold to the consumers directly at a worth price of $1000000.

b.

To determine

the value added at each stage of the production using the value-added approach and the GDP of the economy when:

$200000 is paid to mine 75 pounds of silver by the silver mining company which is then sold later to the jewelry manufacturer for the price of $300000.

$250000 is paid by the jewelry manufacturer to the workers in order to make silver necklaces which is then sold to the consumers directly at a worth price of $1000000.

c.

To determine

The total wages and profit earned using the income approach and the amount of the GDP.

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Students have asked these similar questions

Which spending category of GDP does each of the following transactions count in? Please enter the letter C, I, G, NX, or N to represent consumption, investment, government spending, net exports, or none. The government paid a total of $30,000 in subsidies to people who had installed solar panels on their homes . Bill spent his $400 social security check on rent and food . Company X produces $5,000 of wine this year but they do not sell it . Your parents pay $8,000 for tuition to UCF . The government pays $1 million to people it hires to collect census data

Last year, a small nation with abundant forests cut down $200 worth of trees. It then turned $100 worth of trees into $150 worth of lumber. It used $100 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?

Problem #28- Last year, a small nation with abundant forests cut down $200 worth of trees. $100 worth of trees were then turned into $150 worth of lumber. $100 worth of that lumber was used to produce $250 worth of bookshelves. Assuming the country produces no other outputs, and there are no other inputs used in the production of trees, lumber, and bookshelves, what is this nation’s GDP? In other words, what is the value of the final goods produced including trees, lumber and bookshelves?

Answer 2

Question

Chapter 2, Problem 3QAP

a.

To determine

the GDP of the economy using the approach of production-of-final-goods when:

to mine 75 pounds of silver$200000 is paid by the silver mining company which is then sold later to the jewelry manufacturer for the price of $300000.

in order to make silver necklaces $250000 is paid by the jewelry manufacturer to the workers which is then sold to the consumers directly at a worth price of $1000000.

b.

To determine

the value added at each stage of the production using the value-added approach and the GDP of the economy when:

$200000 is paid to mine 75 pounds of silver by the silver mining company which is then sold later to the jewelry manufacturer for the price of $300000.

$250000 is paid by the jewelry manufacturer to the workers in order to make silver necklaces which is then sold to the consumers directly at a worth price of $1000000.

c.

To determine

The total wages and profit earned using the income approach and the amount of the GDP.

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Answer 3

Question

Chapter 2, Problem 3QAP

a.

To determine

the GDP of the economy using the approach of production-of-final-goods when:

to mine 75 pounds of silver$200000 is paid by the silver mining company which is then sold later to the jewelry manufacturer for the price of $300000.

in order to make silver necklaces $250000 is paid by the jewelry manufacturer to the workers which is then sold to the consumers directly at a worth price of $1000000.

b.

To determine

the value added at each stage of the production using the value-added approach and the GDP of the economy when:

$200000 is paid to mine 75 pounds of silver by the silver mining company which is then sold later to the jewelry manufacturer for the price of $300000.

$250000 is paid by the jewelry manufacturer to the workers in order to make silver necklaces which is then sold to the consumers directly at a worth price of $1000000.

c.

To determine

The total wages and profit earned using the income approach and the amount of the GDP.

Expert Solution & Answer

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Answer 4

Question

Chapter 2, Problem 3QAP

a.

To determine

the GDP of the economy using the approach of production-of-final-goods when:

to mine 75 pounds of silver$200000 is paid by the silver mining company which is then sold later to the jewelry manufacturer for the price of $300000.

in order to make silver necklaces $250000 is paid by the jewelry manufacturer to the workers which is then sold to the consumers directly at a worth price of $1000000.

b.

To determine

the value added at each stage of the production using the value-added approach and the GDP of the economy when:

$200000 is paid to mine 75 pounds of silver by the silver mining company which is then sold later to the jewelry manufacturer for the price of $300000.

$250000 is paid by the jewelry manufacturer to the workers in order to make silver necklaces which is then sold to the consumers directly at a worth price of $1000000.

c.

To determine

The total wages and profit earned using the income approach and the amount of the GDP.

Expert Solution & Answer

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Answer 5

Chapter 2, Problem 3QAP

a.

To determine

the GDP of the economy using the approach of production-of-final-goods when:

to mine 75 pounds of silver$200000 is paid by the silver mining company which is then sold later to the jewelry manufacturer for the price of $300000.

in order to make silver necklaces $250000 is paid by the jewelry manufacturer to the workers which is then sold to the consumers directly at a worth price of $1000000.

b.

To determine

the value added at each stage of the production using the value-added approach and the GDP of the economy when:

$200000 is paid to mine 75 pounds of silver by the silver mining company which is then sold later to the jewelry manufacturer for the price of $300000.

$250000 is paid by the jewelry manufacturer to the workers in order to make silver necklaces which is then sold to the consumers directly at a worth price of $1000000.

c.

To determine

The total wages and profit earned using the income approach and the amount of the GDP.

Answer 6

Chapter 2, Problem 3QAP

a.

To determine

the GDP of the economy using the approach of production-of-final-goods when:

to mine 75 pounds of silver$200000 is paid by the silver mining company which is then sold later to the jewelry manufacturer for the price of $300000.

in order to make silver necklaces $250000 is paid by the jewelry manufacturer to the workers which is then sold to the consumers directly at a worth price of $1000000.

Answer 7

Chapter 2, Problem 3QAP

a.

To determine

the GDP of the economy using the approach of production-of-final-goods when:

to mine 75 pounds of silver$200000 is paid by the silver mining company which is then sold later to the jewelry manufacturer for the price of $300000.

in order to make silver necklaces $250000 is paid by the jewelry manufacturer to the workers which is then sold to the consumers directly at a worth price of $1000000.

Answer 8

b.

To determine

the value added at each stage of the production using the value-added approach and the GDP of the economy when:

$200000 is paid to mine 75 pounds of silver by the silver mining company which is then sold later to the jewelry manufacturer for the price of $300000.

$250000 is paid by the jewelry manufacturer to the workers in order to make silver necklaces which is then sold to the consumers directly at a worth price of $1000000.

Answer 9

b.

To determine

the value added at each stage of the production using the value-added approach and the GDP of the economy when:

$200000 is paid to mine 75 pounds of silver by the silver mining company which is then sold later to the jewelry manufacturer for the price of $300000.

$250000 is paid by the jewelry manufacturer to the workers in order to make silver necklaces which is then sold to the consumers directly at a worth price of $1000000.

Answer 10

c.

To determine

The total wages and profit earned using the income approach and the amount of the GDP.

Answer 11

c.

To determine

The total wages and profit earned using the income approach and the amount of the GDP.

Answer 12

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Answer 13

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Answer 14

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Answer 15

Ch. 2 - Prob. 1QAP Ch. 2 - Prob. 2QAP Ch. 2 - Prob. 3QAP Ch. 2 - Prob. 4QAP Ch. 2 - Prob. 5QAP Ch. 2 - Prob. 6QAP Ch. 2 - Prob. 7QAP Ch. 2 - Prob. 8QAP Ch. 2 - Prob. 9QAP Ch. 2 - Prob. 10QAP

The total wages and profit earned using the income approach and the amount of the GDP.

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Chapter 2 Solutions