Measuring Economic Activity and Using Key Economic Statistics 1. Please use the following table to calculate GDP. Please show your work and document your steps on how you solved the problem. I will not be marking the steps. It is however a requirement to write down the steps to get your grade for this question. (10 marks) Category Amount (billions of dollars) Wages and compensation to labour 1,055 Investment 387 Taxes 500 Government expenditure 512 Depreciation 41 Other factor income 401 Consumption 1188 Indirect taxes less subsidies 228 2. You are an advisor a successful politician. In current prices, GDP has increased by 10.8 percent from a year earlier. Please explain to the politician why the growth rate of GDP in current prices does not mean that economic activity is increasing. Please answer in no more than 5 sentences. (10 marks) 3. In Canada between June and July in 2016, the number of full-time jobs increased by 63,200 while part-time jobs fell by 108,800. The unemployment rate increased from 6.4 percent to 7.2 percent. The labour force participation rate increased from 66.5 percent to 66.6 percent. a. Explain the link between the rise in the participation rate and the rise in the unemployment rate. b. If all the workers who entered the job market were discouraged searchers, explain how the R5 unemployment would have changed