In Hong Kong as in much of the world, National Income and GDP data are revised from time to time as new information about the economy comes in. What effects will the following revisions have on...

Q1

As per attached file

Extracted text: In Hong Kong as in much of the world, National Income and GDP data are revised from time to time as new information about the economy comes in. What effects will the following revisions have on consumption, investment, government purchases, net exports, and GDP? Part (a) It is discovered that consumers bought $8 billion more furniture than previously thought. This furniture was manufactured in Sweden. Part (b) It is discovered that domestic businesses bought $4 billion less furniture than previously thought. This furniture was manufactured in Hong Kong.