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Hi, I'm not sure how to solve these problems? Some help would be great!! Thank you! 1. Calculate the gross domestic product using these figures.

Hi, I'm not sure how to solve these problems? Some help would be great!! Thank you!

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1. Calculate the gross domestic product using these figures. Consumer spending = $1,000 Investment spending = $200 Government spending = $500 GDP = Imports = $75 Exports = $50 Transfer payments = $50 2. The economy of Doraville produces three goods: ear buds, lemons, and watches. The table below provides information about the prices and output for these goods for Years 1-3. Use the table to answer the questions that follow. Price of Quantity Quantity Ear Buds of E Price of Watch Watch ear 1 100 Year ! 110 216 45 110 ST 720 SBS 12 3. Calculate the nominal GDP for each year. Nominal GDP for Year 1 = Nominal GDP for Year 2 = Nominal GDP for Year 3 = 4. What was the percent change in nominal GDP from Year 1 to Year 2? 5. What was the percent change in nominal GDP from Year 2 to Year 3? 6. Using Year 1 as the base year, calculate the real GDP for each year. Real GDP for Year 1 = Real GDP for Year 2 = Real GDP for Year 3 = Focus + 125%

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