The following table contains information about an economy that produces only pens and books. The base year is 2007. Use this information to answer questions 1 through 6. Ye Price of P Quantity of Price of Bo Quantity of B ooks ar ens Pens oks 20 S3 100 S10 50 07 20 $3 120 S12 70 08 20 S4 120 $14 70 09 1. What is the value of nominal GDP for 2008? 2. What is the value of real GDP for 2008? 3.What is the value of the GDP deflator in 2008? 4. What is the percentage increase in prices from 2007 to 2008? 5. What is the percentage increase in real GDP from 2008 to 2009? 6. What is the approximate percentage increase in prices from 2008 to 2009? Income Statement The assets and liabilities of Chicka Travel Service at April 30 2020, the end of the current year, and its revenue and expenses for the year are listed below. The capital of the owner, Adam Cellini, was $80,000 at May 1, 2019, the beginning of the current year. Accounts payable $ 12,200 Miscellaneous expense $ 12,000 Accounts receivable 31,350 Office expense 63,000 Cash 53,050 Supplies 3,000 Fees earned 263,000 Wages expense 131,000 Land 80,000 Prepare an income statement for the current year ended April 30, 2020. 1-72