Exercise Gross Domestic Product (GDP) 1) In your opinion, what is (are) the major shortcoming (s) of GDP as a measure of economic perforumece? 2) Macroeconomic data of one country in 2021 is shown below. Use the data to: 2.1) calculate the country's Gross Domestic Product for that year using the expenditure approach. 22) calculate the country's Cross Domestic Product for that year using the income approach. Private consumption Rent income Interest incomo Export National income Data Type Dollar Amount (Millon Dollar) $ 6,759 $ 140 $571 3632 $ 8,018 Compensation of employees $ 5,639 Proprietor's income $711 Government purchases $ 1,743 Corporate income LEXES $286 Dividends Undistributed corporale profite 5:397 $274 Grous privale domestic investment $ 1,834 Indirect bon taxes $ 682 Consumption of fuzed capital $1.257 Import $ 1,002 Net foreign factor income cursed in the country 59 3) In 2015, one country reported its Private Consuraption as 5120 billion, Private Investment $42 billion, Government Expenditures $39 billion, and Net Export S8 billion. If in that year the country had population of $2 millian 3.1) Calculate GDP and UDP per capita of the country in 2015. 3.2) In 2018, the GDP of the country has grown 18% since 2015 while the population has increased to 5.8 million. Calculate GDP and ODP per capita of tho cozustry in 2018, 4) Ono economy has only 3 items in its market basket, Chuad X, Good Y, and Good %. The table below shows the quantity and price of each item for year 2014, 2015, and 2016 Yeas Price Good X Quantity Good Y Price Quantity Price Good ? Quantity 2054 $100 $10 8 $5 4 201$ 9110 812 10 54 S 2016 $120 512 12 $6 4 4.1) Calculate price of market basket fo Year 2014, 2015 and 2016. 42) Using 2016 as the base year, calculate to price index (ODP Deflator) for Year 2014 43) If the economy has the Year 2014 norminal CIDP of 2.44 trillion dollars, what is the real ODP for 2014? (The base year is 2016)