Question: 2. Consider the interindustry table below. Now assume that the price of each item in year 2050 is given as follows: Grain: $8,000/t Ingredient: $250/stuff

2. Consider the interindustry table below. Now assume that the price

2. Consider the interindustry table below. Now assume that the price of each item in year 2050 is given as follows: Grain: $8,000/t Ingredient: $250/stuff Clothes: $500/clothes [M5]: How many tons of grain are used to produce ingredient? a. Nothing b. 200 t c. 300 t d. 400 t e. 500 t [M6): What is the GDP of this year? a. $9 million b. $11.2 million c. $12.2 million d. $16.2 million e. $21.2 million (M7): Suppose the prices in year 2060 change as follows: Grain: $10,000/t Ingredient: $300/stuff Clothes: $500/clothes But the amounts of products are the same as the following table, then what is the GDP of 2060? a. $9 million b. $10 million c. $12.2 million d. $15 million e. $25 million [M8]: What is the GDP deflator of 2060 based on 2050? a. 84.8 b. 90 c. about 100.0 d. about 111.1 e. about 117.9 GRAIN 400 t GRAIN INGREDIENT stuff CLOTHES INGREDI-ENT CLOTHES CONSUM-PTION PRUDUCT 300 t 200 t 500 t 1,400t 10,000 10,000 20,000 stuff stuff 10,000 10,000 clothes clothes 50 ha 10 ha 200 400 people people 20,000 10,000 stuff stuff LAND LABOR 70 ha 500 people 1,400 t PRODUCT

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