Question One 1 The table below provides data on the level of GDP and its components measured at market prices nominal GDP leaving certain quantities to be determined Expenditure Based 2016 2017 2018 2019 2020 Consumer spending 56922450 60130650 63870225 66776325 67404600 Government spending 19489275 20820600 22020600 23574675 25045650 Government gross fixed investment 2780025 3086325 3399075 3821625 4430850 Business gross fixed investment 19169700 21253650 22641375 23518050 20204550 Exports 38957625 39305625 40103850 42296100 32891475 Deduct Imports 35120250 36575550 37879125 40425900 34854150 Change in inventories 796050 702150 619950 410400 613500 Statistical discrepancy 43500 56925 56775 675 34875 GDP at Market Prices 103038375 108780375 114719175 119970600 TBD Income Based Wages salaries and supplementary labor income 52131975 55754400 58866375 61395975 61429950 Corporate profits before tax 13939125 14551800 15254400 15806700 11207850 Government business enterprise profits before taxes 1146975 1110375 1161975 1226625 973125 Interest income 4606575 4980300 5369175 6299850 4796025 Unincorporated business net income including rent 6392550 6506250 6780825 7091925 7490925 Taxes less subsidies on factors of production 4648650 4840200 5092500 5332050 5295300 Taxes less subsidies on products 6997650 7203900 7411200 7113000 6977250 National Income 89863500 94947225 99936450 104266125 TBD Statistical discrepancy 43575 56925 56775 750 34950 Capital consumption allowance 13218450 13890075 14725950 15703725 16408875 GDP at Market Prices 103038375 108780375 114719175 119970600 TBD Undistributed corporate profits 6894450 7259475 6812175 8282325 4272675 Corporate income taxes 3872325 3562800 4115025 3988200 2573925 Transfer payments government to consumer 10218525 10931550 11595675 12298425 13079250 Personal Income 77668950 83012400 88101225 91848975 TBD Personal disposable income 59570175 63989250 67622550 71211300 72422100 Interest paid to business 1052175 1273350 1429725 1466850 1358625 Consumer transfers to foreigners 329625 336225 414975 383775 355275 Personal saving 1265850 2249025 1907625 2584350 TBD Includes change in government inventory Includes inventory valuation adjustment Calculate 2020 GDP using the expenditure approach and indicate how the expenditures are represented in the Table Calculate 2020 GDP using the income approach Calculate personal income for 2020 Using the 2020 data calculate the level of household saving S the saving rate and net taxes T paid by the household sector Calculate the impact of foreign trade in 2020 and net foreign borrowinglending in 2020 Calculate the net amount of borrowinglending by the business sector in 2020