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Author Question: Consider the following simplified sequence of exchanges. A logger sells an oak tree to a sawmill ... (Read 73 times)

plus1

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on: Jun 29, 2018
Consider the following simplified sequence of exchanges. A logger sells an oak tree to a sawmill owner for 60. The sawmill mills it, and sells the boards to a woodworker for 80.
 
  The woodworker makes an oak bookcase out of the boards, and sells it to a retailer for 300. The retailer then sells you the bookcase for 500. As a result, GDP increases by A) 200.
  B) 300.
  C) 440.
  D) 500.
  E) 940.

Question 2

Roughly what was the change in Columbia's per capita GDP between 1960 and 2011?
 
  A) 25
  B) 90
  C) 150
  D) 185


sultansheikh

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Reply #1 on: Jun 29, 2018
Answer to Question 1

D

Answer to Question 2

D


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