1. The following is a list of an economy's National Income Account data for a particular year (in billions of dollars).

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).

By the way, what is Net Investment for this economy?

3. Income Distribution exercise: The following table shows income distribution data for the US economy in 1977 and 1999. Plot the Lorenz curves for the economy in 1977 and 1999. What do these curves indicate about how income distribution has changed in the US over the past two decades?

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)

5. Find the proportions of consumption spending and investment spending in US GDP. What proportion of US GDP is comprised of wages. The information can be found at the BEA website.