A Simple Economy Consists of Three Sectors: Agriculture (A), Manufacturing

question 50

Multiple Choice

A simple economy consists of three sectors: agriculture (A) , manufacturing (M) , and transportation (T) .The input-output matrix for this economy is given by A M T Find the gross output of goods needed to satisfy a consumer demand for $100 million worth of agricultural products, $200 million worth of manufactured products, and $30 million worth of transportation.

• A) $372.45 million, $516.97 million and $110.32 million worth of agricultural products, manufactured goods and transportation respectively
• B) $372.45 million, $551.52 million and $130.28 million worth of agricultural products, manufactured goods and transportation respectively
• C) $355.50 million, $516.97 million and $130.28 million worth of agricultural products, manufactured goods and transportation respectively
• D) $355.50 million, $551.52 million and $110.32 million worth of agricultural products, manufactured goods and transportation respectively

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Definitions:

Power Transmission

The process of transferring energy from its source to a location where it is used to perform work, typically involving electricity.

Homogeneous Oligopoly

A market structure where a few firms offer products or services that are virtually indistinguishable from one another.

Four-Firm Concentration Ratio

The percentage of total industry sales accounted for by the top four firms in an industry.

Total Sales

The overall amount of revenue generated from the sale of goods or services by a company within a specified period, before any deductions for returns or discounts.