Answer the following question:

QUESTION 1: The Bureau of Economic Analysis presents important US economic statistics such as GDP as well as foreign trade, investment and industry data (https://www.bea.gov/data/gdp/gross- domestic-product). Scroll down to the "Current Release" tab at the top click on "Full Release & Tables" tab, select and scroll, noting the wealth of information presented by the BEA, especially the definitions and statistical conventions on pages 6-7. Using the appropriate table, answer the following questions, making sure to show all calculations. a) What is the release date of the report you are using? b) What was the current (nominal) dollar value estimate of GDP in 2023, not seasonally adjusted? State which table and line you are using for your solution. What does it mean to be seasonally adjusted? c) What percentage of GDP was personal consumption expenditures in 2023, not seasonally adjusted? d) Using the chained-dollar values, what is the percentage change in GDP from the 4th quarter of 2022 and the 4th quarter of 2023, seasonally adjusted? Show working. In which table and line do we find this final value in the report?

e) Give a brief paragraph describing the movement of prices in the US economy from Q1 of 2020 to Q4 of 2023 using the data for an inflation indicator. In which table and line do we find this information in the report?

f) Using the April 10th release of the CPI numbers, does the trajectory in part e) follow or deviate from this?