Please address all the questions with clear explanation. Thank you so much.

1.

Questions 1 to 5 refer to the following table. Year GDP ($mn) Deflator (2010, Real GDP (ending December) Nominal Real base = 1000) Population per capita 2014 232,644 210,611 1,104.6 4,460,400 47,218 2015 242,092 217,968 1,110.7 4,533,500 2016 254,112 227,177 4,622,900 49,142 2017 235,576 1,145.5 4,721,600 49,893 2018 285,129 1,178.5 4,820,000 50,196 1. What is the value of nominal GDP in 2017? 2. Which grew more quickly in percentage terms between 2017 and 2018: nominal GDP or the population? Provide your working. Following on from this answer, did nominal GDP per capita grow or contract between 2017 and 2018? Explain your answer. 3. Which grew more quickly in percentage terms between 2014 and 2015: nominal or real GDP? Explain your answer. 4. What is the value of Real GDP per capita in 2015? 5. What is the annual percentage change in the GDP deflator between 2016 and 2017?For each question that you answer: 0 draw an aggregate demand and aggregate supply diagram to illustrate your answer o show the change in aggregate demand and/or aggregate supply 0 describe the change(s) you have shown 0 explain why the adjustments you have described occur. 1. Suppose that there is an expansion of private investment due to expectations of higher rm prots in the near future. (i) Illustrate and explain the eect of this shock in the short-run. (ii) What is the 10ng-run effect likely to be on output and the price level? 2. Assume that the economy is open. Suppose that the average price level in the rest of the world rises relative to the domestic price level. (i) What effect is this likely to have on the level of domestic exports to the rest of the world? (ii) Illustrate and explain the eect of this shock on output and the price level. (iii) How might this shock aect interest rates