Three Problem-Solving Questions that require written answers

Topic Three Problem-Solving Questions that require written answers Assignment Questions Question 1– 20 marks          Measuring GDP and Economic Growth The table lists some macroeconomic data for a country in 2015. Item Billions of dollars Wages paid to labour 569 Consumption expenditure 627 Gross income at factor cost 1,310 Investment 275 Government expenditure 351 Net exports Gross operating surplus -21 474   Calculate the country’s GDP in 2015. Then explain the approach (expenditure or income) that you used to calculate GDP.(4 marks) Quantities 2014 2015 Fish 2,000 tonnes 2,100 tonnes Crabs  600 tonnes   650 tonnes Coconuts 500 bunches 700 bunches …