Shown below is the Gross Domestic Product (GDP) of a small economy by category of expenditure: JS (million) Consumer exp

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Shown Below Is The Gross Domestic Product Gdp Of A Small Economy By Category Of Expenditure Js Million Consumer Exp 1 (49.66 KiB) Viewed 42 times

Shown below is the Gross Domestic Product (GDP) of a small economy by category of expenditure: JS (million) Consumer expenditure 2 800 Government final consumption 750 700 Gross domestic fixed capital formation New housing 80 880 4 Export of goods and services 1 000 Import of goods and services Taxes on expenditure 700 400 Receipt of factor income from rest of the world Subsidies 120 300 Payment of factor income to the rest of the world Capital consumption 350 (2 marks) A. Define GDP. B. Calculate: i. Net export (2 marks) (3 marks) ii. GDP at market price (3 marks) iii. GDP at factor cost C. Provide an explanation for TWO (2) of the elements used to calculate GDP using the expenditure method. (4 marks) (6 marks) Describe TWO (2) limitations and ONE (1) use of national income. (Total 20 marks) D.