Answer the following question with complete solutions

1. USE THE INFORMATION BELOW TO CALCULATE GROSS DOMESTIC PRODUCT USING EXPENDITURE APPROACH. COMPUTE AND WRITE YOUR ANSWERS BELOW. (20 POINTS) Consumer spending = $200 million Investment spending = $55 million State and local government spending = $120 million Federal government spending = $80 million Imports = $50 million Exports = $45 million Income taxes = $100 million 2. THE LABOR STATISTICS PUBLISHES THE HISTORICAL CPI ESTIMATES AVAILABLE. THE FOLLOWING TABLE SHOWS DATA EXTRACTED FROM THE SOURCE FOR 2011 AND 2012. COMPUTE FOR THE INFLATION RATE FOR THE FOLLOWING: COMPUTE AND WRITE YOUR ANSWERS BELOW. (20 POINTS) a. Between Dec 2011 and Nov 2011 b. Between Dec 2012 and Dec 2011 November December Average 2011 226.230 225.672 224.939 2012 230.221 229.601 229.5943. SUPPOSE THAT AN ECONOMY CONSISTS OF ONLY TWO TYPES OF PRODUCTS. COMPUTERS AND AUTOMOBILES. SALES AND PRICE DATA FOR THESE TWO PRODUCTS FOR TWO DIFFERENT YEARS ARE AS SHOWN BELOW: CALCULATE FOR THE NOMINAL GDP FOR YEARS 1990 AND 2000. COMPUTE AND WRITE YOUR ANSWERS BELOW (10 POINTS) YEAR NO. OF PRICE PER NO. OF PRICE PER COMPUTERS COMPUTER AUTOMOBILES AUTOMOBILE SOLD SOLD 1990 500,000 $6,000 1,000,000 $12,000 2000 5,000,000 $2,000 1,500,000 $20,000