Assignment 1 Write your answers in a piece of paper and upload on D2L. SHORT ANSWER. Write the word or phrase that best completes each statement or answers the question. Product Quantity Price per Unit Steel 1,000 $100 iPods 5,000 200 Autos 500 25,000 Legal services 100 2,000 1) Refer to above Table. Suppose that the above table represents the goods and services 1) produced in a very simple economy in 2018. Assume that steel is used as an input in the production of autos. Using that information, calculate GDP for the year 2018. 2013 2018 Product Quantity Price Quantity Price Pizzas 100 $10 120 $12 Haircuts 50 15 45 20 Backpacks 200 40 210 45 2) Refer to above Table. Suppose that a very simple economy produces three goods: pizzas, 2) haircuts, and backpacks. Suppose the quantities produced and their corresponding prices for 2013 and 2018 are shown in the table above. Use the information to compute real GDP in the year 2013 and 2018. Assume that 2013 is the base year. Is output higher in 2018 or 2013? Why? 3) You are given the following data for Country ABC: Consumption $175 Gross investment 40 Indirect taxes 45 Exports 55 Government spending 40 Transfer payments 35 Imports 70 What is the value of GDP