ECO1208 Macroeconomics Name: SHATHIS /2 MOHAN 42 Answer ALL questions. 1. The following table illustrates the production of various goods in Country A and their prices in selected years. Goods Output in Year| Output in Year| Output in Year 2018 2019 2020 Carrots 64 kg 60 kg 50 kg Carrot cake 260 cakes 250 cakes 175 packets Cakes Goods Price in Year Price in Year Price in Year 2018 2019 2020 (Base Year) Carrots $2.00/kg $3.50/kg $2.75/kg Carrot cake $80/cake $98/cake $85/cake Note: Half of the carrots was used to bake carrot cake in each year and the remaining half was purchased by the households in the country. All carrot cakes are purchased by the households in the country. a. Calculate the real GDP in Year 2018, 2019 and 2020. (6 marks) b. Which year has the weakest economic growth rate? Support your answer with calculations and leave your answers in TWO (2) decimal points. (5 marks) 2. Use the following variables from the information below: Consumption 160,000 Import 40,000 Agriculture, forestry and fishing 30,000 Government Spending 90,000 Subsidy 11,000 Direct Tax 35,000 Mining and quarrying 8,000 Indirect Tax 25,000 Investment 122,000 Factor Income to Abroad 40,000 Factor Income from Abroad 45,000 Financial and insurance 80,000 Depreciation 20,000 Export 50,000 Calculate: (a) Gross National Product (GNP)MP (4 marks) (b) Gross National Product (GNP) FC (4 marks) (c) Net National Product (NNP) FC (4 marks)