1. Which of the following contains an item that is not a major concern of macroeconomics? Justify your answer. a. Savings and interest rates b. Government expenditure c. Foreign currencies d. Taxes and transfers 2. Describe one limitation of GNP/GDP as a measure of economic performance and provide an example illustrating this imitation. 3. Given the following data of a closed economy Year 2012 2013 2014 2015 a. Calculate the annual real GDP (round off to the nea rates (round of to the nearest hundredths) 7,721 8,026 111.40 Nominal GDP (billions, PhP) 11,542 12,634 13,322 14,481 2008 2009 2010 2011 9,708 2012 2013 11,542 2014 12,634 139.54 2015 13,322 2016 b. In this economy, does nominal GDP overstate or understate the growth in the economy? Show all calculations (round of to the nearest hundredths) 120.50 126.13 130.13 4. Fill in the missing values (follow decimal places of the values in each column). Year CPI Per Per Current GNP (millions, Real GNP capita capita current real Php) GNP 140.63 (millions, PhP) 7,472 7,697 8,617 Population (millions) 90.46 91.02 Consumer Price Index 94.80 97.10 98.80 100.50 100.98 102.25 134.0 139.5 138.7 140.6 whole num (PhP) 85,352 GNP (Php) and inflation 75,952 97,230 108,765 83,580 Inflation rate (%) 4.22 3.17 90,090 4.17 95,066 141,621 100,702