Farmer Bill Grows Wheat and Sells It to the Miller

question 74

Multiple Choice

Farmer Bill grows wheat and sells it to the miller for $50,000.The miller turns it into flour and sells it to the bakery for $75,000.The bakery uses the flour in the bread that it sells to people for $90,000.The total contribution to gross domestic product (GDP) is

• A) $90,000.
• B) $75,000.
• C) $50,000.
• D) $25,000.
• E) $215,000.

Recognize the factors excluded from GDP calculation.

Grasp the concept of GDP deflator and its impact on evaluating economic performance.

Understand the calculation methods of GDP, including the value-added approach.

Differentiate between various economic indicators and their significance in measuring the economy's performance.

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