Table 1 shows economic data for the country of Gondor in the year 2021.

Consumption	$32bn
Investment	$42bn
Government Spending	$79bn
Exports	$12bn
Imports	$16bn
Income from abroad	$3bn
Income sent abroad	$6bn

_{Table 1 – Economic data for Gondor (2021)}

Question 1

Using the data from table 1 calculate the GDP for Gondor in 2021 using the expenditure approach

Question 2

Using the data from table 1 calculate the GNI for Gondor in 2021

Table 2 shows the nominal GDP and GDP deflator for the country of Gondor for the years 2017 to 2020. The base year is 2017.

Year	Nominal GDP ($ billion)	GDP Deflator	Real GDP ($ billion)
2017	135	100
2018	142	103.25
2019	140	104.10
2020	146	106.50

_{Table 2 – Real GDP for Gondor (2017-2020)}

Question 3

Using the data from table 2 calculate the real GDP for Gondor in each year.

Question 4

Using the data from table 2 calculate Gondor’s real annual growth rate for the years 2018, 2019 and 2020.

Question 5

Using the data from table 2 in which year(s) did Gondor experience a recession?

Question 6

In 2019 Gondor was at war with the land of Mordor. The war reduced Gondor’s population from 30 million in 2018 to 29.8 million in 2019. Based on this information and the data in table 2, calculate Gondor’s real GDP per capita for the years 2018 and 2019.

Question 7

Suppose that during 2020-2021 Gondor’s real GDP grew by 3% and the population grew by 5%. Based on this information, by how much did real GDP per capita grow in 2020-2021?