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Aggregate Data

Value (in millions of dollars)

Consumption spending

1,000

Employee compensation

1,100

Government spending

400

Interest payments

125

Investment spending

300

Net exports

100

Profits

200

Rents

175

Savings

400

The table above shows aggregate statistical data for CountryX

in2018

. AssumetheGDP

deflator is160

.

(a) Calculate the nominalGDP

in2018

.Show your work.

(b) Explain why the income approach for calculatingGDP

yields the same value as the expenditure approach to calculatingGDP

.

(c) Explain one difference between theCPI

and theGDP

deflator.

(d) Using theGDP

deflator, calculate realGDP

for2018

.Show your work.

(e) Assume wheat farmers in CountryX

sold their entire crop of wheat to domestic wheat millers, who sold it to domestic bakeries. If the value of wheat farmers' sales is$10

million, the value of wheat millers' sales is$25

million, and the value of bakeries' sales is$65

million, by how much would CountryX

's nominalGDP

change as a result of this transaction? Explain.