1. (10%) Discuss how housing, both new construction and rents (included imputed ones), are treated in the three approaches to GDP.
2. (10%) If GDP does not account for improvements in quality, then the GDP deflator tends to understate the true rate of inflation. True/false and explain.
3. (10%) The real interest rate can never be negative since you can always keep your wealth in the form of money which pays a nominal interest rateof zero. True/false and explain.
4(10%) Suppose the government deficit is 5, tax revenues are 15, consumption expenditures are 60, the current account surplus is 10 and national saving (private plus public) is 20. Calculate GDP. What is the private saving rate in this economy? What is the investment rate in this economy? Explain why these rates can be different
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