1. Consider the following: The market exchange rate between Chile and the United States is 1 USD = 750 Chilean Peso. Imagine both countries produce only TVs (a traded good) and haircuts (a non-traded good). Chile produces 10 TVs and 30 haircuts; the United States produces 100 TVs and 10 haircuts. In Chile, a TV costs 750,000 Pesos, and a haircut costs 1,500 Pesos. In the United States, a TV costs 1,000 USD and a haircut costs 50 USD. a. What is the United States GDP in USD? b. What is the Chilean GDP in USD based on market exchange rates? c. What is the Chilean GDP in USD based on US prices? d. Which estimate of Chilean GDP is most appropriate to compare to the United States GDP? 2. Prior to 1950, which group of countries had the highest growth rates