ECONOMICS QUESTION BELOW.

1 GDP from Income and Expenditure sides An important theme of our measures of GDP was the equality between income and expenditure: expenditure on goods and services equals the income in pro- ducing them. In these questions, FRED's warehousing of the series, https : //fred . st louisf ed . org/release?rid=53, may be helpful though you can also go to the Bureau of Economics Analysis. 1. Show nominal gross domestic product and gross national income are ap- proximately equivalent. What about net national income, and if there is a gap, what accounts for it? 2. Plot the share of gross national income going to labor. What did you do with income to proprietors? 3. Does the labor share change between recessions and expansions? 4. Plot the share of gross domestic product being spent on consumption (\"personal consumption expenditures\") 5. Which is more highly correlated with GDP, consumption or investment Spending? Which has a higher standard deviation