1. Use the data on the economy of Iberia in Table 1 to work Problems 5 and 6. Items Amount Net Taxes $20 billion Government expenditure $20 billion Billing saving $15 billion Consumption expenditure $

1. Use the data on the economy of Iberia in Table 1 to work Problems 5 and 6. Items Amount Net Taxes $20 billion Government expenditure $20 billion Billing saving $15 billion Consumption expenditure $67 billion Investment $21 billion Exports $30 billion 1. Calculate GDP. 2. Calculate Import of Goods and Services.

Required: 1. Calculate Nominal GDP of 2009 and 2010 2. The base year is 2009. Calculate GDP of 2009 and 2010. 3. Calculate percentage?

3. Use the following information to work Problems 10 and 11. Cash-paying vultures pick bones of U.S. housing market as mortgages dry up New-home sales fell to an annual pace of 250,000 in February, an all-time low in records dating to 1963, the Commerce Department reported March 23. Existing-home sales dropped to a 4.88 million annualized pace in February, down 2.8 percent from a year earlier, the National Association of Realtors said, while the median price of existing homes fell to $156,100, the lowest since February 2002.

. Classify each of the items in List 1 as a final good or service or an intermediate good or service and identify which is a component of consumption expenditure, investment, or government expenditure on goods and services.

In 2008, the population of China was 1.3 billion and real GDP (in purchasing power parity prices) was $4.4 trillion. In the same year, the population of India was 1.2 billion and real GDP (in purchasing power parity prices) was $1.2 trillion. In 2005, the most recent year for which we have the data, China’s HDI was 0.777 and India’s was 0.619. Based on this information, which country has the higher standard of living? What features of the information provided lead you to your conclusion?