(Solved): Question 1: Given the table below calculate GDP using the expenditure approach and the income appro ...

Question 1: Given the table below calculate GDP using the expenditure approach and the income approach Personal Consumption. Depreciation Compensation of employees Indirect Business Taxes Interest Net Domestic Investment Government Expenditure Rental Income 3,657 Net Foreign Factor Income 400 Exports 3,254 Transfer Payments 500 Proprietor income 530 Corporate Profits 341 Imports 1,098 Statistical Discrepancy 17 Corporate Income Taxes Question 2: Which of the following is included in calculation of 2020 GDP (a) You buy a used economics textbook from the bookstore (b) New harvesting equipment for the farm is purchased (c) 1,000 shares of stock in a computer firm (d) Government bonds issued by a foreign firm (e) Rent paid in 2020 for an apartment built in 2010 (f) Social security payment to a retired military officer (8) Value of an automobile produced in 2016 by an American owned firm in Japan (h) Purchase of a home built in 2019 (1) Fees earned by a real estate agent on selling a house built in 2014 -15 673 12 403 341 704 5 86 Question 3: Fill in the missing information in the table below: Nominal GDP $1536 2010 $1663 2011 2012 Year 2009 $1792 Price Index (2000 = 100) 128 132 135 140 Real GDP $1274 Question 4: Suppose the government's national income and product accounts reveal the following information: Personal consumption expenditures Gross private domestic investment Consumption of fixed capital (depreciation) Government purchases Net exports Compensation of employees Proprietors' income Interest Rents Corporate profits Net foreign factor income Transfer payments Social Security contributions Taxes on production and imports Kindirect business taxes) Personal taxes Personal saving 525 110 31 72 -15 462 59 29 26 75 12 wwwxx 33 39 22 71 4 a. Calculate GDP using the income and the expenditure approach b. Calculate the GNP.NNP, NI and PI Question 5: Suppose an economy produces only one good. In the base year, production was 8 units at a price of $10 each. The next year, production increased to 9 units and the price of the good increased to $12. a. Find nominal GDP in years 1 and 2. b. If the price index is 100 in the base year, what is the value of the price index in year 2? c. Find real GDP in year 2.