H - Consider the standard model of a macroeconomy, but with no government or foreign sector. Under what conditions (if any) will the total amount of income that households receive from firms (including profits) be greater than the total value of output of firms? (If none, say \"none.\") Under what conditions (if any) will the total amount of income received from firms (including profits) be greater than the total value of output of firms? (If none, say \"none.\") [7) . Consider food for humans, food for cats who live with humans, and food for chickens who live on farms. How is each considered in GDP as it currently works in the US? C _Suppose that chickens made the rules for GDP and calculated GDP instead of humans or cats. All the other social relations among the three species remain as they are now. How would the three categories of food be treated in GDP? What would happen under the same circumstances if it were cats who made the rules for GDP and calculated GDP? z) _What philosophical issues would you have to confront if you were asked to calculate US GDP in 18507 What philosophical issues would you have to confront if you were asked to calculate GDP for the US in 19507 1950 GDP was actually calculated, and you can find it in historical series. Should it be recalculated? Explain why or why not. E - Should expenditures on day care and childcare services be counted as part of GDP? Make the best argument for why they should be, and the best argument for why they should not be. F' Consider the treatment of owner-occupied housing in the Consumer Price Index. It has a weight of about 25%, more than any other single item, and so is very important. Here is a link to an article about how it is treated. Consider a retired homeowner who lives in the same house all year and receives a social security check. The amount is updated every year to reflect changes in the cost of living as measured by the CP!. Does the component of CPI that reflects changes in the price of owner-occupied housing reflect the change in this homeowner's \"cost of living\" for the year? Why or why not? (Hint: who gets the \"imputed rent\" the homeowner pays?) G,__F'lease go to the latest report on inflation from the Bureau of Labor Statistics. Pay attention to the first two columns: the weight of the item, and the rate of price increase from February 2023 to February 2024. The overall inflation rate here, 3.2% (top row, second column) is the inflation that the average urban household in the US experienced. But almost nobody is average. Using your knowledge of the world and this table, identify two demographic groups that have probably experienced greater inflation in the last year than the average household, and two that have probably experienced less inflation than the average. For each group, explain why you think that is the case. For instance: \"Left-handed vegetarians in New Jersey spend far more than the average household does on cat food (common knowledge), and that is large percentage of what they spend. The price of pet food has increased slower than general inflation (table 2, pretty far down). So they probably experienced less inflation than average.\" Try to think of groups more important than left- handed vegetarians in New Jersey