A Farmer produces $200,000 in wheat and pays wages to her workers of $120,000. A Miller buys all $200,000 of wheat from the farmer and turns it into $300,000 worth of flour. The Miller pays $40,000 in wages, sells $50,000 of flour to households and sells the remainder to a baker. The baker buys $250,000 in flour from the Miller, pays $100,000 in wages to workers and sells $500,000 worth of bread to the public. Briefly discuss the three approached to calculating GDP and calculate GDP for this example using each of these approaches.

answer; /// i believe the correct answer to the above question is(200 pounds); /good luck

answer; windows embedded;

the answer is "b.the increased supply will create a surplus. "

the essential thought behind price controls is straightforward - utilize the power of law to modify the equilibrium of a market. for instance, the legislature may choose that the steel business needs to survive, and in this way pass a law to set a value floor on steel. this implies all steel sold must offer at or over the floor value, which must be set over the equilibrium cost for it to have any impact. the switch could likewise happen - the administration can choose that steel is excessively costly and set a value roof underneath its equilibrium value, with the goal that all steel must be sold at or beneath that ceiling.