Question: 5.Discuss the differences ocalculating GDP using the expenditure approach and income approach. Be specific, do not just write the formula. 6. The COVID-19 virus has

5.Discuss the differences ocalculating GDP using the expenditure approach and income approach. Be specific, do not just write the formula.

6. The COVID-19 virus has had an impact on all faucets of our economy. Please discuss the impact it has had on each of the variables below over the net twelve months. Explain if this will increase, decrease, or remain unchanged and the reasoning behind your decision.

a.C (consumption) (3 marks)

b.I (investment) (3 marks)

c G (government) (3 marks)

d. Imports (3 marks)

e.Exports (3 marks)

f. Taxes (2 marks)

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=+ a. What is the per-worker production function?

=+ 3. Consider an economy described by the production function: Y = F(K, L) = K0.3L0.7.

=+ b. What happens subsequently to output per worker in the postwar economy? Is the growth rate of output per worker after the war smaller or greater than it was before the war?