Author Question: A rancher raises alpaca. Once a year, he shears them and sells the raw wool to a processor who spins ... (Read 76 times)

nramada · **on:** Apr 19, 2019

Question 1

If, in 2016, an economy's total production was 50 bushels of soybeans at $20 each and 40 gallons of honey at $15 per gallon, its gross domestic product would be

◦ $400.
◦ $600.
◦ $1,000.
◦ $1,600.

Question 2

A rancher raises alpaca. Once a year, he shears them and sells the raw wool to a processor who spins it into yarn. The yarn is then sold to a mill which produces and sells alpaca sweaters. In calculating GDP we would count

◦ the raw wool, the yarn and the sweaters.
◦ only the yarn and the sweaters.
◦ only the sweaters.
◦ only the raw wool and the yarn.

manuelcastillo · **Reply #1 on:** Apr 19, 2019

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