Question One [!) The table below provides data on the level of GDP and its components measured at market prices (nominal GDP), leaving certain quantities to be determined Expenditure Banked: 2016 2017 2018 2019 2020 Consumer spending 564,274.50 601,306.50 638, 702 25 667,763. 25 674,046.00 Government spending 194,892.75 208,706.00 220,205 00 235,746 75 250,456.50 Government gross fixed investment 27,800.25 30.863.25 33,990 75 38,216.25 44,308.50 Business gross fixed investment 191,697.00 212,536.50 226,413.75 235,180.50 202,045.50 Exports 384,576.25 393,056.25 401,038 50 422,961 00 328,914.75 Deduct: Imports 351,202.50 365,755.50 378,791 25 404,250.00 348,541.50 Change in inventories" 7,950.50 7,02150 5,199.50 4,104.00 16,135.00) Statistical discrepancy 435.00 569.25 (567.75) [6.75) 348.75 GDP at Market Prices 1,030,383.75 1,087 803.75 1,147,191.75 1,159,706.00 TBD Income Based: Wages, salaries, and supplementary labor income 521,319.75 557,544.00 588 663 75 613 959.75 614,294.50 Corporate profits before tax"* 139,391.25 145,518.00 152,544.00 158 067.00 112,078.50 Government business enterprise profits before taxes 11,464.75 11,103.75 11,619 75 12,265.25 9,731.25 Interest income 46,065.75 49,803.00 53 691 75 62,998.50 47,950.25 Unincorporated business net income, including rent 53,915.50 65,062.50 67,808 25 70 919.25 74,909.25 Taxes less subsidies on factors of production 46,486.50 48,402.00 50,925 10 53,320.50 52,953.00 Taxes loss subsidies on products 64,976.50 72,039.00 74,112 00 71 130.00 64,772.50 National Income 848,635.00 949,472.25 954 364.50 1,042,661.25 TBD Statistical discrepancy (435.75) (569.25) 567-75 7.50 (349.50) Capital consumption allowance 132,184.50 138,900.75 147,259.50 157,037.25 164,083.75 GDP at Market Prices 1,030,383.75 1,087,203.75 1,147,191.75 1,194,706.00 Undistributed corporate profits 58,944.50 72,594.75 68 121 75 82,823.25 42,716.75 Corporate income trees 38,723.25 35,628.00 41 150 25 39 882 00 75,739.25 Transfer payments: government to comsumer 102,185.25 109,315.50 115,956 75 122,984.25 130,792.50 Personal Income 776,689.50 830.124.00 861,012.25 918,464.75 TBD Personal disposable income 596,701.75 639,542.50 676,225.50 712 113.00 724,231.00 Interest paid to business 10,521.75 12,733.50 14,297.25 14,668.50 13,586.25 Consumer transfers to foreigners 3,296.25 3.362.25 4 149.75 3,837.75 3,552.75 Personal s ming 12,658.50 22,490.25 19 076 25 25 843.50 TBD Includes change in goverment inventory. "Includes inventory valuation adjustment 1. Calculate 2020 GDP using the expenditure approach, and indicate how the expenditures are represented in the Table. 2. Calculate 2020 GDP using the income approach. 3. Calculate personal income for 2020. 4. Using the 2020 data, calculate the level of household saving (S), the saving rate, and net taxes [T) paid by the household sector. 5. Calculate the impact of foreign trade in 2020 and net foreign borrowing/lending in 2020. 6. Calculate the net amount of borrowing/lending by the business sector in 2020