1) Use the data to answer this question. What is the value of X_N (net exports)? Net foreign factor income - 5 National income 275 Government spending on goods and services 85 Indirect taxes 40 Gross investment 70 Consumption 180 Depreciation 35

2) You are given the following data for Country ABC:

Consumption	$175
Gross investment	40
Indirect taxes	45
Exports	55
Government spending	40
Transfer payments	35
Imports	70

What is the value of GDP?

3) In Agfa, at a market price of $3 per kilo, there is a shortage of 60 kilos of basmati rice. For each 50-cent increase in the price, the quantity demanded drops by 8 kilos, while the quantity supplied increases by 12 kilos. a) What will be the equilibrium price? b) What will be the surplus/shortage at a price of $5.50?

4) Stuff-Crust Pizza is a new pizza introduced by Pizza Hut. What happens to the equilibrium price and equilibrium quantity in each of the following situations? a. Due to weather conditions, crop yields (including wheat) decreased. b. The price of beer decreased c. Domino's Pizza introduced a similar type of pizza that sold for $1 less than the one by Pizza Hut. d. A recession reduced households' income. e. A new oven technology reduced the time it takes to bake a pizza.

5) Briefly explain the five determinants of market demand.