1. The data in the table apply to a hypothetical country, Econoland, during 2018. Econoland's National Accounts [2018) In 5 Billions Corporate profits 55 Exports 68 Wages and salaries 546 Net investment income to the rest of the world 8 Gross investment 157 Government purchases 184 Indirect taxes 75 Personal consumption 490 Interest income 43 Imports 27 Depreciation 79 Proprietor's incomes and rents 56 Statistical discrepancy ? Required: a. Use the data to nd income-based and expenditure-based estimates of Econoland's GDP. b. Outline how the statistical discrepancy between the two estimates in part a can be used to find a single GDP value.' c. By how much is Econoland's capital stock expanding or contracting in 2018? Explain. 2. For each of the following transactions, identify whether or not it would be included in GDP: a. An accountant receives payment for preparing a client's personal income tax return. INCLUDED An owner of a Canada Savings Bond is paid interest on this bond. EXCLUDED A business buys a new piece of production equipment. INCLUDED A student is paid for shovelling a neighbour's sidewalk. EXCLUDED An unemployed carpenter receives an employment insurance payment. EXCLUDED A town council hires a contractor to do paving work on the town's roads. INCLUDED A newspaper publisher buys newsprint to add to its inventories of supplies. INCLUDED An electronic hobbyist sells a used computer to a friend. EXCLUDED I. A fisher receives a government subsidy to help relocate to a larger community. EXCLUDED j. A Canadian business sells medical equipment to a Japanese hospital. INCLUDED k. A wealthholder sells 1000 shares issued by a Canadian corporation. EXCLUDED |. A homeowner repairs his own lea king roof. EXCLUDED apogee? ' .3"