1. Which of the following is FALSE about GDP?

GDP is considered one of the most important stats of an economy

GDP can formally be used to determine whether an economy is in recession

When a country's economic statistics are presented, GDP is usually the first statistic

GDP was initially created to measure how good the New Deal was in combatting the Great Depression

GDP is not exactly the same as GNP

2.Suppose we have the country of Melanie-opolis. Further suppose that we have the following:

• People in Melanie-opolisspend $90,000,000 on food and cars produced in the country in 2021.
• Firms in Melanie-opolisspend $40,000,000 on equipment produced in the country in 2021.
• Government in Melanie-opolisspends $20,000,000 on uniforms produced in the country of Cynthia-ville in 2021.
• People in Cynthia-ville spend $50,000,000 on goods produced in the country of Melanie-opolisin 2021.
• People in Melanie-opolisalso spend $30,000,000 on purchases of existing bonds (that were originally produced in 2019).

Based on this information, what is the GDP for Melanie-opolisfor 2021?

Group of answer choices

$100,000,000

$160,000,000

$180,000,000

$200,000,000

$240,000,000

3.For the previous problem, what percent of Melanie-opolis' 2021 GDP is consumption?

Group of answer choices

-6.7%

40%

50%

56.2%

Not enough information