1. In 2022, the nation of Economia produced 1000 boxes of Chocolate Cheerios at a price of $5 each and 1000 bananas at a price of $1 each. (All prices are in Economia dollars.) In 2023, it produced 1050 boxes of Chocolate Cheerios that sold for $10 each and 1100 bananas that sold for $0.50 each. What was the rate of growth of nominal GDP? What was the rate of growth of real GDP if 2022 is the base year? What was the rate of growth of real GDP if 2023 is the base year? What was real GDP in Economia in 2023? 2. Consider an economy with a marginal propensity to save of 0.10, and a marginal propensity to consume of 0.70. What is the marginal propensity to import? 3. The country of Chocolandia was founded by the famous creator of sweets Willy Wonka in 2018. Miraculously, the country runs without a central government. In 2018, the business invested 550,000 Choco Dollars (C$) in chocolate factory equipment. That same year, the citizens of the newly created country spent C$370,000 on various products, half of which was spent on domestically produced goods. Finally, the neighboring country of Narnia, Chocolandia's only trading partner, purchased C$150,000 worth of chocolate products. Calculate Chocolandia's GDP for 2018. 4. The human population of the Falklands Islands (aka Las Islas Malvinas) is about 3,400 (there also are around half a million sheep). The distance to Argentina, the nearest country, is about 900 miles (1500 km). Guttenberg is a town in Hudson County NJ with around 11,000 people. Opposite the upper West Side of Manhattan with good bus and ferry service to Manhattan and Jersey City, it is four blocks wide and ten blocks long, and bordered by West New York and North Bergen, both of which are densely populated towns with many stores and businesses. The Falklands are in the middle of nothing and Guttenberg is in the middle of everything. Assume that the marginal propensity to save in the Falklands is about the same as the marginal propensity to consume in Guttenberg. During a recession, which place is likely to have a larger multiplier? Explain why. 5. Consider a country at full employment with a low propensity to save and low propensity to import. The government plans to spend a lot of money to build a wall along its border. What is the multiplier? 6. Suppose President Obama appointed you Secretary of the Treasury in early 2009, as the Great Recession was underway. A Senator comes to see you. He says: \"This recession started with a big drop in investment. So the way to get us out of it is a big increase in investment. Here's what you should do: Force every American household to invest 10% of their income in stocks and BitCoin. That can be checked in income tax returns. I've prepared a bill that does that and lined up some of my colleagues to co-sponsor. All we need is a statement from the administration indicating their support.\" This Senator is very important, and so you cannot give a flippant or dismissive answer. What do you say? 7. How could student loans be designed as automatic stabilizers? What drawbacks if any would designing them like that have