Part 2: Income Approach to Calculating GDP (weight 45% of the assignment grade) Complete the following exercise: Go to http:/www.bea.gov/ Visit the Bureau of Economic Analysis website at www.bea.gov. From the drop down menu under "Data", click on "by Economics Account". Then click on "National", "Gross Domestic Product, and "Full Release and Tables". Use table 7 (Relation of Gross Domestic Product, Gross National Product, and National Income) and table 8 (Personal Income and its Disposition). 1. Create the table that contains the following information for the most recent quarter where data required for this exercise is available. Please note that using the data for previous years and/or previous estimates will produce grade zero for this part of the project. Omit the intermediate lines found in Tables 7 and 8 on the web site. Gross domestic product Gross national product Net national product (you should calculate it as Gross national product minus Consumption of fixed capital) National income Personal income Personal Disposable Income Personal Savings2. Write a report in your own words (2 pages, double-spaced), which contains the analysis of the results you received. In this report consider, but do not be limited to the following: 1. What is the difference between gross domestic product (GDP) and gross national product (GNP)? Whatis the difference in what GDP measures compared to GNP? 2. Based on the table, what calculations mustyou make to determine GNP from GDP? 1. Whatis national income (M1)? What does M| measure? 4. Which was higher in this year, GNP or NI? By how much? 5. What calculations must you make to determine NI from GNP? 6. Nl is composed of a number of categories. What category makes up the largest portion of NI? 7. What calculations must you make to determine Personal Income from National Income? 8. What calculations must you make to determine Personal Disposable Income and Personal Savings? 9. Please analyze and discuss the significance of the data that you received for this Data exercise. 10. Reflecton what you have learned from this exercise