Please provide the necessary work and a explantion.

1. Consider an economy described by the following data. (Please compute all numerical answers to two decimal places.) No. of pizzas Price of No. of bottles of Price of a No. of bags of Price of a Year produced a pizza beer produced bottle of beer peanuts produced bag of peanuts 2018 4,920 $10.90 3,680 $3.30 4,245 $2.85 2019 5,105 $17.35 3,725 $3.45 4,340 $2.90 (a) Compute nominal GDP for 2018. (2.5 points} (b) Compute nominal GDP for 2019. (2.5 points} (6] Compute real GDP for 2018 using 2018 as the base year. (2.5 points) (d) Compute real GDP for 2019 using 2013 as the base year. (2.5 points) (3) Compute the growth rate of real GDP for 2019. (2.5 points) (f) Compute the GDP deator for 2018 using 2018 as the base year. (2.5 points} (g) Compute the GDP deator for 2019 using 2018 as the base year. (2.5 points} (h) Compute the ination rate for 2019. (2.5 points) . Consider an economy with 71.5 million employed adults, 6.9 million unemployed adults, and 34.8 million adults not participating in the labor force. (a) 'What is the economy's unemployment. rate? (2.5 points) (in) 'What is the economy's labor force participation rate? [2.5 points) . Consider a closed classical economy,r and suppose a decline in housing prices causes a. decrease in consumption. What will happen to the followmg? Please provide a. brief explanation of your answer. (a) Real output (3 points) (b) Consumption (3 points} (c) National saving [3 points) [{1} l [e Heal interest rate {3 points) Investment [3 points) . Consider a closed classical economy where the government increases taxes by $1,000. If the marginal propensity to consume (MPG) is 0.7, describe what happens to the following. Please be sure to indicate the magnitude of any change. (a) Consumption (5 points} (b) Private saving (5 points] 3 l (c Public saving (5 points} (d Investment (5 points)