Your task in this problem is to construct national income and product accounts for a world economy that consists of two countries, the United States (U.S.) and Japan. In the U.S., there are two firms, USSteel and USAuto, both owned by U.S. citizens. In Japan, there is one firm, JapanAuto, owned by Japanese citizens. All of the employees of USSteel and USAuto are U.S. citizens and all of the employees of JapanAuto are Japanese citizens In a given year, USSteel produces $6000 worth of steel and pays wages of $1500. It sells $2000 worth of steel to USAuto and $4000 worth of steel to JapanAuto. USAuto buys $2000 worth of steel from USSteel and pays wages of $4000. USAuto produces $8000 worth of cars during the year; it sells $5500 worth of cars to consumers in the U.S., $1500 worth of cars to the U.S. government, and $1000 worth of cars to consumers in Japan. Show gross domestic product (GDP) of US. Fill the blanks below. Use the EXPENDITURE APPROACH to measuring GDP 1) The income-expenditure identity: Y = +I+G+ Y means GDP, I investment and G government spending. Complete the income-expenditure identity with Abbreviations like I or G. 2) Consumption expenditure by US citizen = $ worth of USAuto cars 3) Investment of the US = $ 4) Government spending of the US = $ worth of USAuto cars 5) Export of the US = $ = $ (USsteel) + $1000 (USAuto to Japan consumer) Import of the US = 0 (No infomration about "From Japan to US" trade) 6) Net export = $ = $ - $ 7) GDP of the US = $