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Consider a Simple Economy Consisting of Three Sectors: Food, Clothing

question 257

Multiple Choice

Consider a simple economy consisting of three sectors: food, clothing, and shelter. The production of 1 unit of food requires the consumption of 0.4 unit of food, 0.2 unit of clothing, and 0.4 unit of shelter. The production of 1 unit of clothing requires the consumption of 0.3 unit of food, 0.4 unit of clothing, and 0.1 unit of shelter. The production of 1 unit of shelter requires the consumption of 0.2 unit of food, 0.1 unit of clothing, and 0.2 unit of shelter. Find the level of production for each sector in order to satisfy the demand for $100 million worth of food, $30 million worth of clothing, and $290 million worth of shelter. Round the answers to the nearest tenth.

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Definitions:

Loudly

Producing or capable of producing a high volume of sound; often used to describe speech, music, or other noises that are clearly audible.

Cerumen

A natural, waxy substance produced in the ear canal that protects the ear from dust, foreign particles, and microorganisms.

Honey-Colored

A description typically used for the appearance of some wounds, skin infections, or crusts that are yellow to gold in color.

Hygiene

Practices and habits that aim to maintain health and prevent the spread of diseases, often through cleanliness.