Suppose that furniture production encompasses the following stages: Stage 1: Trees are sold to lumber company.............................................$ 6,000
Question:
Suppose that furniture production encompasses the following stages:
Stage 1: Trees are sold to lumber company.............................................$ 6,000
Stage 2: Lumber is sold to furniture company........................................$19,000
Stage 3: Furniture company sells furniture to retail store.....................$24,000
Stage 4: Furniture store sells furniture to consumer.............................$52,000
(a) What is the value added at each stage?
(b) How much does this output contribute to GDP?
(c) How would answer (b) change if the lumber were imported from Canada?
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a Stage 1 6000 Stage 2 13000 Stage 3 5000 Stage 4 28000 b 52000 c 33000 Feedback a Value is ...View the full answer
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Related Book For 
The Macro Economy Today
ISBN: 978-1259291821
14th edition
Authors: Bradley R. Schiller, Karen Gebhardt
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