Tutorial 1 - Measuring National Output and National Income 1) Below is a table containing information on certain commodities consumed in Bahrain, Product Price in 2012 1 Price in 2027 Quantity in 2021 Quantity in 2022 Chocolate BD 10 BD IS B units 18 units Alcohol BD B BD9 5 units 15 units a) For both years, calculate the nominal and real gross domestic product (GDP) for chocolate. 2) Consider the following information Billions of BHD Transfer Payments Made by Household 100 Personal Intercu Payment 10 Personal Income 700 Personal Consumption Expenditures 300 a) If the income tax rate is 20%%, calculate the personal savings and penonal saving rate. Ja) Explain how to measure the GDP of Bahrain. 3b] Discuss the following statement "An increase in the Gross Domestic Product (GDP) is always associated with an increase in welfare and standards of living of a country"