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Al's Aluminum Company sells $1 million worth of aluminum to Shiny Foil Company, which uses the aluminum to make aluminum foil. Shiny Foil Company sells $4 million worth of aluminum foil to households. The transactions just described contribute how much to GDP? 3. b. One bag of flour is sold for $1.00 to a bakery, which uses the flour to bake bread that is sold for $3.00 t consumers. A second bag of flour is sold for $1 to a grocery store who sells it to a consumer for $2.00. Taking these four transactions into account, what is the effect on GDP? c. In the economy of Ukzten in 2010, consumption was S6000, exports were $1000, GDP was $10,000, government purchases were $2000, and imports were $600. What was Ukzten's investment in 2010? d. In the economy of Ukzten in 2010, consumption was $5300, GDP was $8800, government purchases w $1800, imports were $500, and investment was $2000. What were Ukzten's exports in 2010?

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Answer:

a. Al's Aluminum Company sells $1 million worth of aluminum to Shiny Foil Company, which uses the aluminum to make aluminum foil. Shiny Foil Company sells $4 million worth of aluminum foil to households. The transactions just described contribute how much to GDP?

  • $4 million (aluminum foil sold to households)

b. One bag of flour is sold for $1.00 to a bakery, which uses the flour to bake bread that is sold for $3.00 t consumers. A second bag of flour is sold for $1 to a grocery store who sells it to a consumer for $2.00. Taking these four transactions into account, what is the effect on GDP?

  • GDP will increase by $3 (bread sold to consumers) and $2 (flour sold to consumers) = $5 + $4 million = $4,000,005 increase in GDP

c. In the economy of Ukzten in 2010, consumption was $6000, exports were $1000, GDP was $10,000, government purchases were $2000, and imports were $600. What was Ukzten's investment in 2010?

  • GDP = C + I + G + X - M, so investments = GDP - C - G - X + M = $10,000 - $6,000 - $2,000 -$0 + $600 = $2,600

d. In the economy of Ukzten in 2010, consumption was $5300, GDP was $8800, government purchases w $1800, imports were $500, and investment was $2000. What were Ukzten's exports in 2010?

  • GDP = C + I + G + X - M, so exports = GDP - C - G - I + M = $8,800 - $5,300 - $1,800 -$2,000 + $500 = $200

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