1. From the GDP identity/equation, fill in the blanks the table below describes a variety of cases which can possibly affect US GDP. Please fill in the blanks indicating which scenario fits + which component. (1 pt. each) Scenarios Component of Given your GDP affected: answers, What C, I, G, X-M, are impact on or NC (not GDP, rise, fall counted) or unchanged? 1. A farmer purchased a used tractor. 2. Businesses increase their current inventories 3. You spend $7 to attend a movie. 4. Due to the congress passing the chip act, you invested in semi-conductor manufacturing industry by buying stocks. 5. The federal government increased its cash in SNAP program to help the low-income families. 6. International students take US university courses online in their home countries. 7. A person pays $450 a month to rent an apartment. Section III: Show all the process of your calculation to the following questions: 1. Consider an economy with two goods, cheese and salad. Suppose that the prices and quantities sold in 2012 and 2013 are the following: Goods 2012 P 2012 Q 2020 P 2020 Q 2021 P 2021 Q Shoes $50.00 90 $60.00 100 $65.00 100 Hamburgers 2.00 75 2.00 100 2.25 120 Shirts 30.00 50 25.00 50 25.00 65 Cotton 0.80 100 0.60 800 0.70 120 A. Calculate the nominal GDP for each year and you must show the process Including formula. Note: Credits given to process not results only. (1pt.) B. Calculate the real GDP for 2020 and 2021 using 2012 as a base year. You must show the process including formula. Note: Credits given to process not results only. (3 pt.) C. What is the GDP deflator for 2020 and 2021 if 2012 is the base year? (1 pt.) D. What is the inflation between 2012 and 2020, and between 2020 and 2021? (1 pt.)