The following happened in a country during year 2016. The households in the country pur- chased a total value of $500,000 goods and services. Among this $500,000, $50,000 was for the purchases of goods produced in 2015, $200,000 was for the purchases of residential units built in 2016, and $30,000 was for the purchases of imported goods. The rest of the consumers' purchases were for goods and services produced domestically in 2016. The estimated total rental value for self-occupied residential properties was $80,000 in 2016, a $20,000 increase from the amount in 2015. During 2016, the rms in the country invested $250,000 in equipment and exported a total value of $100,000 goods. All the equipment and the exported goods were produced in 2016. There were no government purchases. 1. Calcuiate the GDP of the economy by adding up the four components of GDP (state the vaiue of each component). 2. The GDP you calcuiate above is the nominal GDP. Suppose that the GDP deator is 125 in 2016. Find the real GDP in 2016. 3. Suppose that the country has a popuiation of 8,000. Calculate the per capita real GDP. 4. Discuss two reasons that are particularly relevant to China about why per capita real GDP may not be a perfect measure of economic well-being of a country