Question: 1. The table below is the data for an economy (3 Marks): ITEM Value ($ millions) Wages & Salaries 1,900 Household Final Consumption 1,500 Consumption

1. The table below is the data for an economy (3 Marks): ITEM Value ($ millions) Wages & Salaries 1,900 Household Final Consumption 1,500 Consumption of Fixed Capital (Depreciation) 50 Gross Fixed Capital Formation 500 Exports 160 Rent 100 Government Final Consumption 450 Imports 150 Corporation Income 450 Interest & Dividends 10 Net Income from Farm Production 250

Show formula and all work. Calculate the Expenditure-based GDP.

2. The table below is the data for Senecaville (4 Marks): Year Average Level of Prices ($) Quantity of Output 2015 18 950 2020 22 850 2025 28 1,500

a. Calculate the GDP for 2015, 2020, and 2025. b. By using 2020 as the base year, what are the price indexes for 2015 and 2025? c. By using the price indexes calculated in part b, express GDP in Senecaville for 2015, 2020, and 2025. d. Is the economy expanding equally each year? Why or why not?

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