Real GNP Accounts (millions) 2017 Amount 350 125 210 50 100 900 100 380 350 650 Component Wages Rent Interest Dividends Net Exports Corporate Profits Subsidies Undistributed corporate profits Government Income Personal Consumption Expenditure Public Investment Public Services Machinery and Equipment Increase in Inventories Buildings and Construction Net Factor Income Indirect Taxes Depreciation Allowances Agriculture Sector Service Sector Industry Sector 325 295 430 255 715 (175) 270 60 790 580 1400 Answer the following questions: 1. Real GNP using EXPENDITURE APPROACH. 2. Real GNP using INDUSTRY APPROACH. 3. Real GNP using INCOME APPROACH. 4. Suppose nominal GNP is $2.7 billion, what is the GNP deflator? 5. Suppose the government is targeting and 8% increase in GNP for the year 2018, compute for real 2018 GNP and real 2018 GDP. Show your solution for each number. Real GNP Accounts (millions) 2017 Amount 350 125 210 50 100 900 100 380 350 650 Component Wages Rent Interest Dividends Net Exports Corporate Profits Subsidies Undistributed corporate profits Government Income Personal Consumption Expenditure Public Investment Public Services Machinery and Equipment Increase in Inventories Buildings and Construction Net Factor Income Indirect Taxes Depreciation Allowances Agriculture Sector Service Sector Industry Sector 325 295 430 255 715 (175) 270 60 790 580 1400 Answer the following questions: 1. Real GNP using EXPENDITURE APPROACH. 2. Real GNP using INDUSTRY APPROACH. 3. Real GNP using INCOME APPROACH. 4. Suppose nominal GNP is $2.7 billion, what is the GNP deflator? 5. Suppose the government is targeting and 8% increase in GNP for the year 2018, compute for real 2018 GNP and real 2018 GDP. Show your solution for each number