1) You are given the following data for Country ABC: What is the value of GDP? Consumption $175 Gross investment 40 Indirect taxes 45 Exports 55 Government spending 40 Transfer payments 35 Imports 70 2) In Agfa, at a market price of $3 per kilo, there is a shortage of 60 kilos of basmati rice. For each 50-cent increase in the price, the quantity demanded drops by 8 kilos, while the quantity supplied increases by 12 kilos. a) What will be the equilibrium price? b) What will be the surplus/shortage at a price of $5.50