Question 1 Shown below is the Gross Domestic Product (GDP) of a small economy by category of expenditure: Consumer expen

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Question 1 Shown Below Is The Gross Domestic Product Gdp Of A Small Economy By Category Of Expenditure Consumer Expen 1 (30.51 KiB) Viewed 54 times

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