YET NOTHER IMPORTANT THING: Use Excel to construct the requested diagrams in Problems 3 & 5. I have posted a tutorial on Canvas; if you haven't looked at it, you should do so for this assignment. 1. The following is a list of an economy's National Income Account data for a particular year (in billions of dollars). Government Transfer Payments: $16 Income Receipts from Rest of the World 37 Income Payments to Rest of the World 45 Government Purchases Of Goods & Services: 69 Personallncome Taxes: 38 Corporate Income Taxes: 28 Indirect Business Taxes: 12 Payroll Taxes: 21 Undistributed Corporate Prots: 19 Wages & Salaries: 230 Personal Consumption Expenditures: 267 Depreciation (Capital Consumption Allowance): 14 Net Private Domestic Investment: 47 Rents: 16 Exports: 24 Corporate Profits: 88 Interest Income: 19 Dividends: 23 Imports: 17 Proprietors' Income: 25 Calculate GDP, GNP, NNP, National Income, Personal Income and Disposable Personal Income. You should be able to compute GDP using both the expenditures approach and the income approach. 2. Using the following data, calculate GDP, GNP and NNP by both the expenditure approach and the income approach (dollars in billions). Indirect Business Taxes: $2 1 7 .5 Personal Consumption Expenditures: 2,672.8 Gross Private Domestic Investment: 895.3 Government Purchases of Goods & Services: 934.7 Depreciation;I Capital Consumption Allowance: 287 .2 Wages & Salaries: 2,896.5 Income Receipts from Rest of the World 247.1 Income Payments to Rest of the World 188.9 By the way, what is Net Investment for this economy? Net Exports: 23.3 Corporate Profits: 680.7 Interest Income: 279.8 Proprietors' Income: 1306 Rents: 33.8 4. Price Index Problem: The following table gives information about weekly per capita food consumption and food prices in Russia before and after the 1917 Communist Revolution. Taking 1913 as the base year, calculate a Food Price Index for 1928 and 1940. Average weekly wages for the years covered in the table were 6 rubles in 1913, 14 rubles in 1928 and 83 rubles in 1940. Using the Food Price Indexes you have just calculated, assess what happened to the real wages of Russian workers between 1913 and 1940. Food prices in Russia before and after the 1917 Revolution (in rubles per kilogram, except milk in liters and eggs in units) Foodstuffs consumed weekly Price Price Price in Moscow in 1926 Quantity 1913 1928 1940 Black Bread 2.46 kgs 0.07 0.08 0.85 Wheat flour 0.79 kgs 0.12 0.22 2.90 Potatoes 3.04 kgs 0.05 0.09 [.20 Beef 0.92 kgs 0.46 0.87 12.00 Mutton 0.17 kgs 0.34 0.79 14.00 Sugar 0.45 kgs 0.34 0.62 3.80 Milk 1.24 ltrs 0.11 0.06 2.10 Butter 0.11 kgs 1.15 2.43 17.50 Eggs 1.60 eggs 0.13 0.20 0.85 Sunower oil 0.12 kgs 0.15 0.53 15.65 5. The Real Value of the US Federal Minimum Wage: The Federal minimum wage was enacted in the mid-19305 and became effective in 1938. On the Canvas link to this assignment you will nd an Excel file that provides data running from 1938 to 2021 on (i) the nominal value of the minimum wage set by Congress, and (if) the average annual Consumer Price Index. Use these data to calculate the real value of the minimum wage in each of the years indicated (that is, ll in the fourth column on the Spreadsheet). Then graph the movement of the Real Minimum Wage from 1938 to 1921. You should complete this question in Excel. On the Canvas page for this course, I have uploaded a link to a short video that shows how to perform basic mathematical operations in Excel; there is also a tutorial on constructing charts in Excel. As indicated above, you should submit the answer to this question on Canvas as a separate Excel file. 3. Income Distribution exercise: The following table shows income distribution data for an economy in 1977 and 1999. Plot the Lorenz curves for the economy in 1977 and 1999 in a single diagram (use Excel). What do these curves indicate about how income distribution has changed in the US over the past two decades? Share of Aggregate lnco me Household Group 1977 1999 One-fifth with lowest income 4.8% 2.5% Next lowest one-fifth 6.2% 5.3% Middle one-fifth 18.7% 17.1% Next highest one-fifth 25.6% 21.8% One-fifth with highest income 44.7% 53.3% 4. Price Index Problem: The following table gives information about weekly per capita food consumption and food prices in Russia before and after the 1917 Communist Revolution. Taking 1913 as the base year, calculate a Food Price Index for 1928 and 1940. Average weekly wages for the years covered in the table were 6 rubles in 1913, 14 rubles in 1928 and 83 rubles in 1940. Using the Food Price Indexes you have just calculated, assess what happened to the real wages of Russian workers between 1913 and 1940. Food prices in Russia before and after the 1917 Revolution (in rubles per kilogram, except milk in liters and eggs in units) Foodstuffs consumed weekly Price Price Price in Moscow in 1926 Quantity 1913 1928 1940 Black Bread 2.46 kgs 0.07 0.08 0.85 Wheat flour 0.79 kgs 0.12 0.22 2.90 Potatoes 3.04 kgs 0.05 0.09 1.20 Beef 0.92 kgs 0.46 0.87 12.00 Mutton 0.17 kgs 0.34 0.79 14.00 Sugar 0.45 kgs 0.34 0.62 3.80 Milk 1.24 ltrs 0.11 0.06 2.10 Butter 0.11 kgs 1.15 2.43 17.50 Eggs 1.60 eggs 0.13 0.20 0.85 Sunower oil 0.12 kgs 0.15 0.53 15.65