The following table shows national income by the type of income for the hypothetical economy of Highlands. Income Data for Highlands 2 points Amount of Income (billions of Type of Income dollars) = - [Weges 5 eBook Cinterest i | | Profits and losses [ 0 487 | B References Net foreign interest income Instructions: Enter your answers as a whole number. a. What is the value of national income for Highlands? $ billion b. Using the income approach, what is the value of nominal GDP for Highlands? $ billion 6 The table below shows nominal and real GDP for the hypothetical economy of Tinseltown. Calculating the GDP Price Index Using Nominal and Real GDP 2 points Nominal GDP Real GDP Year (dollars) (dollars) GDP Price Index 1 $506 $506 Book 2 530 515 3 567 527 4 550 522 References 594 543 6 633 559 Instructions: Round your answers to one decimal place. a. Using the information in the table, compute the GDP price index for each year, and then complete the "GDP Price Index" column. b. Using the GDP price index, prices in Tinseltown |(Click to select) |between year 2 and year 3