Find out the current average price of the following items in your town: a dozen of eggs, a movie ticket, and Tide laundry detergent (pick a standard size). Research what the price was for these same items in June of last year, and also in the year 2012 (which will be the base year). Enter the prices in the table shown below. Using the quantities given in thousands of units, calculate the nominal GDP and real GDP for the past two years, and the GDP deflator for the current year. Assume the data is for a single economy. Show all calculations.

	2012	Current year	Last year
Product	Quantity	Price	Quantity	Price	Quantity	Price
Eggs (dozen)	12,000		12,000		12,000
Movie Ticket	3,000		3,000		3,000
Tide	900		900		900

In the tiny country of Tuvalu the economy is sustained by the production of small fishing boats made from local materials, tuna, and copra (from coconuts). Last year Tuvalu produced 800 boats at a cost of $2,000 each but only 500 were sold due to recession at a price of $3,200 each. They produced $5 million worth of copra from their coconuts and consumed $2 million of it locally. The rest was used in the production of coconut oil cream which was exported for a value of $10 million. Based on this information, what was Tuvalu's GDP for last year?

The GNP of a country is $200 billion, receipts of factor income from the rest of the world are $10 billion, payments of factor income to the rest of the world are $30 billion, and depreciation is $25 billion. What is the GDP and the Net National Product?

Schneider's Bicycles produced $860,000 worth of custom-made of custom-made bicycles last year and paid $45,000 in taxes. Schneider used $315,000 in parts to assemble the bicycles and paid his employees a total of $150,000. At the beginning of last year, he started with $2,000 worth of inventory and ended the year with $5,000 worth of inventory. What was Schneider's Bicycles contribution to the GDP last year? Show your calculations.