Q1.Define GDP and two factors which inflate the GDP. (2 marks)
Q2.Which is a reliable measure of economic growth Real or Nominal GDP. Why. (2 marks)
Q3.Calculate GDP using both income and expenditure method (5marks)
Corporate Profits $1220
Depreciation $1916
Gross private domestic investment $2864
Personal Taxes $2260
Personal savings $480
Government spending $3696
Imports $2188
Net interest $1348
Compensation of employees $10592
Rental Income $876
Net Exports -480
Sale of second hand goods $1200
Personal consumption expenditures $11864
Indirect Business Taxes $1480
Contributions to FICA (Soc. Security) $1576
Transfer Payments and other income $1934
Proprietors Income $1312
Intermediate goods $700
Statistical Error $800
Q4. Explain what determines the GDP in the short and long run. Draw and explain the GDP equilibrium in the short and long run. (4)
Q.5 Visit the below link and answer the following questions (6 marks)
https://www.theguardian.com/business/2010/apr/21/unemployment-case-study-harlow
1.Define inflation and Unemployment.
2.What is unemployment and the briefly explain the three types of unemployment.
3.Explain in brief the problems Mr kevin and Mr Peter is facing. What type of unemployment is Mr Kevin and Mr Peter facing.
4.Explain the term Natural Rate of Unemployment
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