Objective: After completing this project, you will have an understanding of what data is used to monitor the economy, and where it is found. These are the three key measures of GDP, unemployment, and inflation. This is the economic data you often hear reported in the news and that is mentioned in the text. Instructions: Go to theBureau of Economic Analysis/National Income Accounts website. https://www.bea.gov/sites/default/files/2024-04/gdp1q24-adv.pdf The first thing you will see is the News Release that is reported each month. Look to the left side of the page for the "Full Release & Tables." Once you click on it, it will take you to the PDF file. Take a moment to read the latest number and variety of information available. You can see how COVID -19 has negatively affected GDP. Scroll down to find the tables. Using Table 3: "Gross Domestic Product: Level and Change From Preceding Period" answer questions 1 through 8. Show your calculations where appropriate. Use the current 'Billions dollars' section on the LEFT side of the table. Do not use the 'Billions of chained (2012) dollars' the right. You'll see the annual total and the quarterly breakdowns. To calculate a component's percentage of GDP, here is an example: if Personal Consumption Expenditure (PCE) is $8,000 and GDP is $10,000, then PCE is 8,000/10,000 x100 or 80% of GDP. 1. What is the release date of the report you are using? [1 point] 2. What was the current dollar value of total annual GDP for last year?[1 point] 3. What was the current dollar value of total annual Personal Consumption Expenditure (PCE) last year?[1 point] 4. What percentage of GDP was Personal Consumption Expenditure last year?[1 point] 5. What percentage of GDP was Gross Private Domestic Investment last year?[1 point] 6. What percentage of GDP was government spending (Government Consumption Expenditures and Gross Investment) last year?[1 point] 7. What percentage of GDP was Net Exports last year?[1 point] 8.What is the sum of these percentages? Do you think that is correct? Why? Any of these percentages surprise you? Which ones?[3 points]