Solved

A Simple Economy Consists of Three Sectors: Agriculture (A), Manufacturing

Question 190

Essay

A simple economy consists of three sectors: agriculture (A), manufacturing (M), and transportation (T). The input-output matrix for this economy is given by

A M T A simple economy consists of three sectors: agriculture (A), manufacturing (M), and transportation (T). The input-output matrix for this economy is given by ​ A M T   If the units are measured in millions of dollars, determine the dollar amount of manufactured products required to produce $200 million worth of all goods in the economy. $__________ million Which sector(s) consumes the greatest amount of agricultural products in the production of a unit of goods in that sector? __________ Which sector(s) consumes the least amount of agricultural products in the production of a unit of goods in that sector? __________ If the units are measured in millions of dollars, determine the dollar amount of manufactured products required to produce $200 million worth of all goods in the economy.
$__________ million
Which sector(s) consumes the greatest amount of agricultural products in the production of a unit of goods in that sector?
__________
Which sector(s) consumes the least amount of agricultural products in the production of a unit of goods in that sector?
__________

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions