1. GDP, - GDP, Define and explain the four components of GDP (Gross Domestic Product) and provide a brief example for each. Consider a hypothetical economy with the following data for the year 2023: Consumption: $3,000 Investment: 51,500 Government Spending: 51,200 Net Exports: $300 Calculate the Nominal GDP for the year 2023, Using the same data as in Question 2, if the base year for the GDP deflator is 2020, and the GDP deflator for 2023 is 110, calculate the Real GDP for the year 2023. Using the information from Question 2 and Question 3, calculate the GDP deflator for the year 2023, If the Nominal GDP for a country increased by 5% from 2022 to 2023, but the Real GDP increased by only 3%, explain the possible reasons for this difference. How might an increase in government spending affect both Nominal GDP and Real GDP? If the GDP deflator is 120, what does this imply about the overall price level in the economy? How might this impact consumers, businesses, and the government? What are some limitations of using GDP as a measure of economic well-being