Assume an economy with a steel producer, a car producer, and some consumers. There is no government in this economy. In a given year, the steel producer produces 40 million tons of steel and sells it for $7 per ton. The steel producer pays $40 million in wages to consumers. The car producer uses Ti} million tones of steel as an input into car production, all purchased at $7 per ton. Of this, 40 million tons of steel comes from the domestic steel producer, and 30 million tons is imported from abroad. The car producer manufactures 23 million cars and sells it for $45 per car. Domestic consumers buy 19 million cars, and the remainder 4 million cars are exported abroad. The car producer pays consumers $30 million in wages. All prots made by domestic producers are distributed to domestic consumers. a. Determine the Gross Domestic Product (GDP) using: (i) the product approach, (ii) the expenditure approach, and (iii) the income approach. (6 marks} b. Determine the current account surplus in this economy. (2 marks} c. Calculate the Gross National Product {GNP}. Next, determine GNP and GDP in the case where the steel producer is owned by foreigners, so that the prots of the domestic steel producer go to foreigners and are not distributed to domestic consumers. {2 marks)