Question 1 (1 point) We have several ways to measure GDP. Let's find GDP in our...

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Question 1 (1 point) We have several ways to measure GDP. Let's find GDP in our pretend economy below (Hint: Intermediate goods do not count as GDP) The rice industry grows rice and converts it to finished, which it sells for $150 million to the Japanese restaurant industry and $300 million directly to households. The Japanese restaurant industry takes the rice it buys and sells $950 million in tasty Sushi directly to households. The paper industry sells $200 million in paper per year directly to households as well as $100 million in paper to the tissue industry. The tissue paper industry is still in a crazy panic even a year or two post Covid and sell $300 million in overpriced toilet paper per year directly to households. The iron industry produces $300 million in iron, all of which are sold to the steel industry. The steel industry transforms the iron with other inputs and has total sales of $350 million per year to the auto industry and $400 million to the construction industry. The auto industry takes the steel and other components and sells $1.15 billion in cars directly to households. The construction has final sales to the real estate industry (Investment) of $4 billion in finished houses and apartments. What is GDP? Question 1 (1 point) We have several ways to measure GDP. Let's find GDP in our pretend economy below (Hint: Intermediate goods do not count as GDP) The rice industry grows rice and converts it to finished, which it sells for $150 million to the Japanese restaurant industry and $300 million directly to households. The Japanese restaurant industry takes the rice it buys and sells $950 million in tasty Sushi directly to households. The paper industry sells $200 million in paper per year directly to households as well as $100 million in paper to the tissue industry. The tissue paper industry is still in a crazy panic even a year or two post Covid and sell $300 million in overpriced toilet paper per year directly to households. The iron industry produces $300 million in iron, all of which are sold to the steel industry. The steel industry transforms the iron with other inputs and has total sales of $350 million per year to the auto industry and $400 million to the construction industry. The auto industry takes the steel and other components and sells $1.15 billion in cars directly to households. The construction has final sales to the real estate industry (Investment) of $4 billion in finished houses and apartments. What is GDP?