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Question 1

Suppose that a farmer grows wheat, which she sells to a miller for $30.

The miller turns the wheat into flour, which she sells to a baker for $60.

The baker turns the wheat into bread, which she sells to consumers for $190.

Consumers eat the bread.

What is GDP in this economy?

Hint


Question 2

Suppose that a farmer grows wheat, which she sells to a miller for $20

The miller turns the wheat into flour, which she sells to a baker for $80.

The baker turns the wheat into cake, which she sells to consumers for $140.

Consumers eat the cake.

1. What is the value added by the farmer?

$  

  Hint

2. What is the value added by the miller?

$  

  Hint

3. What is the value added by the baker?

$  

  Hint

4. What is the GDP in this economy using the value-added approach?

$  
Hint