Question 4: Suppose the government's national income and product accounts reveal the following information: Personal consumption expenditures Gross private domestic investment Consumption of xed capital (depreciation) Government purchases Net exports Compensation of employees Proprietors' income Interest Rents Corporate profits Net foreign factor income Transfer payments Social Security contributions Taxes on production and imports [indirect business taxes) Personal taxes Personal saving a. Calculate GDP using the income and the expenditure approach b. Calculate the GNP,NNP, N1 and P[ Question 5: Suppose an economy produces onlyr one good. In the base year, production was 8 units at a price of $10 each. The next year, production increased to 9 units and the price of the good increased to $12. a. Find nominal GDP in years 1 and 2. b. If the price index is 100 in the base year, what is the value of the price index in year 2? c. Find real GDP in year 2