1. Provide the formula for the expenditure approach to GDP accounting and include an example of each

  

1. Provide the formula for the expenditure approach to GDP accounting and include an example of each category of spending.2. Suppose a consumer buys 10 units of good X and 20 units of good Y every year. The following table lists the prices of goods X and Y in the years 2005-2007. Assume that these two goods constitute the typical market basket. Calculate the price indices for these years with 2005 as the base year. Comment on the inflation picture for these years.YearGood XGood Y20050064720074.57.53. Using the expenditure approach, calculate GDP using the following data.ItemAmount in dollars (billions)Consumption10,000Consumption of Durable Goods2,000Consumption of Non Durable Goods2,800Consumption of Services3,200Investment5,000Fixed Investment1,000Government purchases of Goods & Services3,000Government Transfer Payments450Exports1,850Imports2,000GDP Equals4. a. What is the importance of measuring per capita GDP? b. Why nominal GDP can be misleading?5. Do you believe that China is guilty of unfair trading practices including currency manipulation? no less than 350 words.

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