Question

Portland Sardines produced $14 million worth of cans of sardines. In producing these cans of sardines, it purchased $2 million dollars' worth of tin from foreign countries and paid workers who reside in Canada but commuted to the U.S. $1 million, all other labor was provided by U.S. residents. How much of the company's production was included in U.S. GDP

Answer 1

Answer:

$12 million

Explanation:

Gross domestic product is the total sum of final goods and services produced in an economy within a given period which is usually a year

GDP calculated using the expenditure approach = Consumption spending by households + Investment spending by businesses + Government spending + Net export

contribution to GDP = value of final good - value of intermediate good

14 = 2 = 12

Answer 2

The cost of the company production that was included in U.S. GDP is $12 million.

Using this formula

Cost of production=Cost of producing cans of sardines- Purchase

Where:

Cost of producing cans of sardines=$14 million

Purchase=$2 million

Let plug in the formula

Cost of production=$14 million- $2 million

Cost of production=$12 million

Inconclusion the cost of the company production that was included in U.S. GDP is $12 million.

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