1. Suppose that a farmer grows wheat, which she sells to a miller for $10. The miller turns the wheat into our, which she sells to a baker for $55. The baker turns the wheat into bread, which she sells to consumers for $140. Consumers eat the bread. What is GDP in this economy? + 2. Consider the following table showing the breakdown of GDP [in billions) for China. GDP Category Amount (in billions} 7 00 Government 100 Expenditure Using the expenditure approach, calculate GDP for China. 3. Consider the following table showing the breakdown of GDP [in billions) for China. GDP Category Amount (in billions) Wages and Salaries 1000 1700 of the world the world What are net exports for China? 4. Suppose that GDP in Japan is 1030 and then grows to 1160 [all numbers in billions) What is the growth rate of GDP in Japan? Use the following information to answer questions 5 through 15: The tables below show data on prices and quantities of Oranges and Shoes produced in China. 4- Data for 2014 Price of Oranges Quantity of Oranges Price of Shoes Quantity of Shoes 0.7 200 10 270 Data for 2015 Price of Oranges Quantity of Oranges Price of Shoes Quantity of Shoes 0.9 150 14 250 Data for 2016 Price of Oranges Quantity of Oranges Price of Shoes Quantity of Shoes 1.4 300 15 330 5. Given this data, what is the Nominal GDP in 2014? 6. What is the Nominal GDP in 2015? 7. What is the Nominal GDP in 2016? 8. Using 2014 as the base year, what is the Real GDP in 2014? 9. Using 2014 as the base year, what is the Real GDP in 2015? 10. Using 2014 as the base year, what is the Real GDP in 2016? 11. Using 2014 as the base year, what is the GDP Deflator in 2014? 12. Using 2014 as the base year, what is the GDP Deflator in 2015? 13. Using 2014 as the base year, what is the GDP Deflator in 2016? 14. Using 2014 as the base year, what is the growth rate of the GDP deflator (also know as inflation rate) between 2014 to 2015? 15. Using 2014 as the base year, what is the growth rate of the GDP deflator (also know as inflation rate) between 2015 to 2016?15. Suppose that a typical professor earned $28,000 in 1978. In addition, you know that in 1998 a typical professor earns $93,000. Finally, you also know that CPI in 1978 is 90 and in 1998 is 250. Given this information, the salary of a typical professor in 1998 relative to 1978 is [select one): a. higher b. lower