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Q1: Indicate whether the following statement is an example of positive economic analysis or normative economic analysis: A) The inheritance tax should be repealed because it is unfair. B) Allowing Chile to join NAFTA would cause wine prices in the US to drop. C) The first priorities of the new regime in the Republic of Sudan should be to rebuild schools and highways and to provide basic health care Q2: Compute GDP from Expenditure and income method? Components Values in Millions Depreciation 36 Govt. Transfer payments 54 Interest income 150 Wages 67 Gross private investment 130 Business profit 200 Indirect taxes 80 Direct taxes 50 Rental income 75 Net export 18 Govt. Purchases 156 Household consumption 304 Illegal selling of drugs 56Q1: Compute GDP from Expenditure and income method? Values in Millions Components 36 Depreciation 54 Govt. Transfer payments Interest income 150 Wages 67 Gross private investment 124 Business profit 200 Indirect taxes 74 Direct taxes 50 Rental income 75 Net export 18 Govt. Purchases 156 Household consumption 304 Q2: Which of the following should not likely be included in measuring the Gross Domestic Product? Justify your choice. A. Rent paid by a retailer B. The salary of a cleaning lady C. Welfare programs paid by the government Q3: please mention in which category each question will fall (Micro or Macro). Justify your choice. A. Price of gasoline has been increased by 13% in past 2 years. B. How a firm will finance the business