Using the following national income accounting data, compute GDP by both the expenditures and income approaches. All figures are in billions. Category Value Profits of corporations and government enterprises before taxes $46 Exports 94 Capital consumption allowances 65 Government current purchases of goods and services 113 Net income of farm and unincorporated businesses 24 Taxes less subsidies on factors of production 75 Wages, salaries, supplementary labour income 371 Gross investment 167 Indirect taxes less subsidies on products 11 Interest and investment income 59 Personal consumption expenditures 284 Imports 7 Using the expenditures approach, GDP = $ billion Using the income approach, GDP = $ billionSuppose that in 1984, the total output in a single-good economy was 7000 buckets of chicken. Also suppose that in 1984, each bucket of chicken was priced at $10. Finally, assume that in 2005, the price per bucket of chicken was $16 and that 22,000 buckets were produced. 8. Determine the GDP price index for 1984, using 2005 as the base year. Instruction: Enter your response as an index number rounded to one decimal place. GDP price index = |:| By what percentage did the price level, as measured by this index, rise between 1984 and 2005? |:|% b. What were the amounts of real GDP in 1984 and 2005 (where 2005 is the base)? In 1984 real GDP = $ |:| In 2005 real GDP = $ |:| The following table shows nominal GDP and an appropriate price index group of selected years. Compute real GDP. Indicate in each calculation whether you are inflating or deflating the nominal GDP data. Instructions: Round your answers to one decimal place. Nominal GDP GDP deflator Real GDP Effect on Year (billions) (2007 = 100) (billions ) Nominal GDP 1981 366 .6 47. 1 $ (Click to select) v 1991 696.9 71 . 8 -un (Click to select v 2001 1134.8 84.5 S (Click to select) v 2008 1646.0 103.9 S (Click to select) v 2011 1770 . 0 108.3 Click to select) v 2010 2144.4 115. 6 (Click to select vData for the country of Upper Mongoose are given in the table below. All figures are in billions of dollars. cat-sow m Net exports Value of new goods and services produced in the underground economy Personal consumption expenditures Value of the services of stay-athome parents Gross domestic investment Government purchases Total Instructions: In part a, enter your answer as a whole number. In parts b-c, round your answers to 2 decimal places. a. What is Upper Mongoose's GDP for the year? $ |:| billion. b. What is the size of the underground economy as a percentage of GDP? |:| percent. c. By what percentage would GDP be boosted if the value of the services of stay-at-home spouses were included in GDP? |:| percent