Question

Michigan Cranberry Company sold $10 million worth of cranberries it produced. In producing cranberries, it purchased $1 million dollars' worth of supplies from foreign countries and paid workers who reside in Canada but commute to the U.S. $1 million. How much did these transactions add to U.S. GDP

Answer 1

Answer:

9 million dollars

Explanation:

Answer 2

Answer:

$9 million

Explanation:

Gross domestic product is defined as the total monetary value of all goods and services produced by a country in a given period. It is used to measure the countries wealth and economic growth .

GDP can be calculated based on expenditure, production, or by income.

Types of GDP measurements include real GDP, nominal GDP, GDP growth rate, and GDP per capita.

Gross domestic product= Total output - intermediate goods in production {products from Canada}

Gross domestic product= 10 million- 1 million

Gross domestic product= $9 million