1.6. The Bureau of Economic Analysis releases quarterly data on US GDP. Use the relevant information below to calculate US GDP in the third quarter of 2021. All the figures are in billions of current dollars.

Exports: $2,170

Personal Income: $13,022

Consumption Spending: $12,511

Government Spending on Goods and Services: $3,213

Transfer Payments: $1,283

Investment Spending: $3,004

Net Interest: $533Imports: $2,679

Nominal GDP (in billions of US dollars) in the third quarter of 2021 is: ?

17. Although GDP is a decent measure of a nation's output, it does not necessarily include all the production in a country.Which of the following scenarios are either not accounted for or measured inaccurately in the construction of US GDP? Select One

• A more unequal distribution of income.
• The costs of elder care provided by the children of the elderly.
• Surfing in Monterey.
• Costs of sulfur dioxide pollution.
• All of the above.
• None of the above.

18.Suppose an economy consists of three final goods: chai, spicy peanuts and books. The table below shows the prices and quantities of these goods in 2014 and 2020. Use this information to calculate real GDP in 2020 using 2014 as the base year.

Chai (price per 6oz cup of chai)

2014: P = $4, Q = 150

2020: P = $6, Q = 200

Spicy Peanuts

2014: P = $5, Q = 60

2020: P = $8, Q = 100

Books

2014: P = $10, Q = 150

2020: P = $15, Q = 200

ANSWER: $_______________