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

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Shown Below Is The Gross Domestic Product Gdp Of A Small Economy By Category Of Expenditure J Million Consumer Exp 1 (81.98 KiB) Viewed 54 times

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