3. A small economy produced the following final goods and services during a given month: 0.5 million kg of food, 40 000 shirts, 16 houses, 45 000 hours of medical services and 12

speedboats. Calculate the value of this output at the following market prices: $3 per kg of food, $15 per shirt, $250 000 per house, $60 per hour of medical services, $140 000 per speedboat

4. An economy produces final goods and services with a market value of $1800 billion in a given year, but only $1750 billion worth of goods and services is sold to domestic or foreign buyers. What is the nation's GDP? Explain your answer