1. Staple all pages of the homework together. (1 point)2. Here are some data for an economy. Find its GDP. Explain your calculation.Consumption Expenditure 600Exports 75Government Purchases of Goods and Services 200Construction on new homes and apartments 100Sales of existing homes and apaprtments 200Imports 50Beginning of the year Inventory Stocks 100End of year inventory stocks 125Business Fixed Investment 100Government Payments to Retirees 100Househould purchases of durable goods 1503. The nation of Saskatoom produces hockey pucks, cases of root beer, and falseteeth. Here are the data on prices and quantities of the three goods in the years2000 and 2005.Year Quantity Price Quantity Price Quantity Price2000 100 $5 300 $20 100 $202005 125 $7 250 $20 110 $25Pucks Root Beer False TeethAssume that 2000 is the base year. Find the nominal GDP and real GDP for bothyears.4. Joey is downloading labor market data for the most recent month, but herconnection is slow and so far this is all she has been able to get:Unemployment Rate 5.00%Labor Force Participation Rate 62.50%Not in the labor force 60,000,000Find the labor force, the working-age population, the number of employedworkers, and the number of unemployed workers.25. Read both articles posted for discussion in Week 7 and answer the followingquestions. What is the natural rate of unemployment (number and definition)?What is the relationship between the natural rate of unemployment and fullemployment? Would it be better for economists to define full employment asbeing an unemployment rate equal to zero?6. What was the growth rate in real GDP for the United States in 2011? On theBureau of Economic Analysis (BEA) web-page find the growth in real GDP in2011 for the state you plan on starting your career in once you have earned yourdegree. Print the page and attach this homework. Compare the US growth rate ofreal GDP to your states growth rate of real GDP. Provide a discussion of thepossible reasons for the difference. Be sure to talk about the component parts ofGDP.7. What was the unemployment rate in the US the month of June 2012? On theBureau of Labor Statistics (BLS) web-page find the unemployment rate in June2012 for the state you plan on starting your career in once you have earned yourdegree. Print the page and attach this homework. According to the BLS what wasthe unemployment rate for the Dallas-Fort Worth-Arlington in the month of June2012. How does this compare to the national and state averages?