Question 1. i) Explain each one of the components from our definition of GDP (i.e. GDP is the VALUE of all FINAL goods, etc, etc).

ii) Why is the difference between rich and poor countries not as big as GPD data might suggest?

iii) Which is the difference between GDP and GNP? i

v) What is the difference between real GDP and nominal GDP and why is this difference important?

i) How is GDP calculated so that intermediate goods are not considered twice in the computa- tion? ii) Why is the Valued Added Method used as an alternative to the final good method of calculation?

iii) What is the difference in computing the value of a public service and a private good?

iv) Las Meninas, the painting by Velzaquez, is now hanging from one of the walls at Museo del Prado where is visited daily by thousands of people. Should this event be considered a part of the GDP of Spain? If you answer is yes, where should be registered in the National Income Accounting from Spain?

Please don't plgiarise from anywhere I need proper answer to all the questions asap