Suppose that the economy of Autoland produces nothing but automobiles. Automobil

Question

Suppose that the economy of Autoland produces nothing but automobiles. Automobiles are made with tires, steel, and glass. The following activities were observed in 2012: A rubber importer sold $200,000 of rubber to a tire manufacturer. A tire producer sold $400,000 of tires to an automobile factory. An iron ore mine sold $1,500,000 of iron ore to a steel factory. A steel factory sold $2,000,000 of steel to a steel distributor. A steel distributor sold $3,000,000 of steel to an automobile factory. A glass factory sold $1,000,000 of glass to an automobile factory. An automobile factory sold $10,000,000 in automobiles to final consumers. Given these events, calculate the GDP of Autoland using a. the final goods approach. b. the value-added approach.

Explanation / Answer

http://www.archive.org/stream/automotiveindust45phil/automotiveindust45phil_djvu.txt

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