In 2014, a farmer grows and sells $3 million worth of corn to Big Flakes Cereal...
In 2014, a farmer grows and sells $3 million worth of corn to Big Flakes Cereal Company. Big Flakes Cereal Company produces $8 million worth of cereal in 2014, with sales to households during the year of $7 million. The unsold $1 million worth of cereal remains in Big Flake Cereal Company’s inventory at the end of 2014. The transactions just described contribute how much to GDP for 2014?
Homework Answers
Value added by the farmer = 3 million
Value added by the big cereal company = 8-3 = 5 million
Total value added to the GDP in 2014 = 3+5 = $8 million
GDP is the value of total output produced during the given year
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