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SECTION C Complete only one (1) QUESTION 1 A. Explain the two approaches that can be used to compute GDP. Why do these two approaches lead to the same value for GDP? (6 marks) B. List and explain some limitations of GDP as a measurement of overall social welfare. (8 marks) C. It is conventional to divide the nation's total production into four categories. Name and explain the four categories. (8 marks) D. Draw and explain the structure of the circular flow diagram with households and government. Label the markets and the flows in the circular flow diagram firms and with (8 marks)
SECTION C Complete only one (1) QUESTION 1 A. Explain the two approaches that can be used to compute GDP. Why do these two approaches lead to the same value for GDP? (6 marks) B. List and explain some limitations of GDP as a measurement of overall social welfare. (8 marks) C. It is conventional to divide the nation's total production into four categories. Name and explain the four categories. (8 marks) D. Draw and explain the structure of the circular flow diagram with households and government. Label the markets and the flows in the circular flow diagram firms and with (8 marks)