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National Income Accounting · CAPE Economics Unit 2

86 past-paper questions on National Income Accounting, part of Models of the Macroeconomy, from every CAPE Economics Unit 2 paper on Quelpr.

Practise National Income Accounting
  1. 2(a)(i)1 mark· CAPE Economics Unit 2 · 2006 · Paper 1State the component of GDP (expenditure-based) affected when a family buys a new refrigerator.
  2. 2(a)(ii)1 mark· CAPE Economics Unit 2 · 2006 · Paper 1State the component of GDP (expenditure-based) affected when Aunt Jane buys a new home.
  3. 2(a)(iii)1 mark· CAPE Economics Unit 2 · 2006 · Paper 1State the components of GDP (expenditure-based) affected when your parents buy a bottle of French wine.
  4. 2(a)(iv)1 mark· CAPE Economics Unit 2 · 2006 · Paper 1State the component of GDP (expenditure-based) affected when the city council repairs a main highway.
  5. 2(b)2 marks· CAPE Economics Unit 2 · 2006 · Paper 1State ONE limitation of GDP as a measure of economic well-being.
  6. 1(a)4 marks· CAPE Economics Unit 2 · 2006 · Paper 2Using the definition of GDP, explain why transfer payments such as social security benefits are excluded when computing the 'government purchases' component of GDP.
  7. 1(b)1 mark· CAPE Economics Unit 2 · 2006 · Paper 2State the formula for converting nominal GDP to real GDP.
  8. 1(c)(i)a)5 marks· CAPE Economics Unit 2 · 2006 · Paper 2Using 2001 as the base year, compute the Nominal GDP for each year (2001, 2002, and 2003).
  9. 1(c)(i)b)5 marks· CAPE Economics Unit 2 · 2006 · Paper 2Using 2001 as the base year, compute the Real GDP for each year (2001, 2002, and 2003).
  10. 1(c)(i)c)5 marks· CAPE Economics Unit 2 · 2006 · Paper 2Using 2001 as the base year, compute the GDP deflator for each year (2001, 2002, and 2003).
  11. 1(c)(ii)a)5 marks· CAPE Economics Unit 2 · 2006 · Paper 2Compute the percentage change in Nominal GDP from 2001 to 2002 and from 2002 to 2003.
  12. 1(c)(ii)b)5 marks· CAPE Economics Unit 2 · 2006 · Paper 2Compute the percentage change in Real GDP from 2001 to 2002 and from 2002 to 2003.
  13. 1(c)(ii)c)5 marks· CAPE Economics Unit 2 · 2006 · Paper 2Compute the percentage change in the GDP deflator from 2001 to 2002 and from 2002 to 2003.
  14. 1(d)5 marks· CAPE Economics Unit 2 · 2006 · Paper 2Explain why economists use real GDP rather than nominal GDP to measure economic well-being.
  15. 1(e)(i)2 marks· CAPE Economics Unit 2 · 2006 · Paper 2Compute Barry's contribution to Gross domestic product.
  16. 1(e)(ii)2 marks· CAPE Economics Unit 2 · 2006 · Paper 2Compute Barry's contribution to Net national product.
  17. 1(e)(iii)2 marks· CAPE Economics Unit 2 · 2006 · Paper 2Compute Barry's contribution to National income.
  18. 1(e)(iv)2 marks· CAPE Economics Unit 2 · 2006 · Paper 2Compute Barry's contribution to Personal income.
  19. 1(e)(v)2 marks· CAPE Economics Unit 2 · 2006 · Paper 2Compute Barry's contribution to Disposable personal income.
  20. 1(a)6 marks· CAPE Economics Unit 2 · 2007 · Paper 2Explain the difference between Gross Domestic Product (GDP) and Gross National Product (GNP).
  21. 1(b)(i)2 marks· CAPE Economics Unit 2 · 2007 · Paper 2Explain why purely financial transactions are not counted in GDP calculations.
  22. 1(b)(ii)2 marks· CAPE Economics Unit 2 · 2007 · Paper 2Explain why second-hand sales are not counted in GDP calculations.
  23. 1(c)12 marks· CAPE Economics Unit 2 · 2007 · Paper 2Outline the main difference between the expenditure approach and the income approach to the determination of GDP.
  24. 1(d)(i)2 marks· CAPE Economics Unit 2 · 2007 · Paper 2Briefly describe how Net Domestic Product is calculated.
  25. 1(d)(ii)2 marks· CAPE Economics Unit 2 · 2007 · Paper 2Briefly describe how National Income is calculated.
  26. 1(d)(iii)2 marks· CAPE Economics Unit 2 · 2007 · Paper 2Briefly describe how Personal Income is calculated.
  27. 1(d)(iv)2 marks· CAPE Economics Unit 2 · 2007 · Paper 2Briefly describe how Disposable Income is calculated.
  28. 1(f)3 marks· CAPE Economics Unit 2 · 2007 · Paper 2Explain what is meant by the GDP deflator.
  29. 1(g)14 marks· CAPE Economics Unit 2 · 2007 · Paper 2Discuss four reasons why GDP is not always a true measure of the well-being of an economy.
  30. 1(a)6 marks· CAPE Economics Unit 2 · 2008 · Paper 2Explain the difference between real Gross Domestic Product (GDP) and nominal GDP.
  31. 1(b)20 marks· CAPE Economics Unit 2 · 2008 · Paper 2Discuss TWO methods of measuring national product.
  32. 1(b)(i)a)4 marks· CAPE Economics Unit 2 · 2009 · Paper 2Explain how Gross Domestic Product (GDP) is calculated using the expenditure approach.
  33. 1(b)(i)b)6 marks· CAPE Economics Unit 2 · 2009 · Paper 2Use the expenditure approach to calculate the GDP for Country Y.
  34. 1(b)(ii)a)4 marks· CAPE Economics Unit 2 · 2009 · Paper 2Explain how GDP is calculated using the income approach.
  35. 1(b)(ii)b)6 marks· CAPE Economics Unit 2 · 2009 · Paper 2Use the income approach to calculate the GDP for Country Y.
  36. 1(c)(i)3 marks· CAPE Economics Unit 2 · 2009 · Paper 2State ONE reason why an individual buying a used textbook will OR will NOT be included in the calculation of a country's GDP.
  37. 1(c)(ii)3 marks· CAPE Economics Unit 2 · 2009 · Paper 2State ONE reason why a merchant selling United States currency on the black market will OR will NOT be included in the calculation of a country's GDP.
  38. 1(c)(iii)3 marks· CAPE Economics Unit 2 · 2009 · Paper 2State ONE reason why a meat processing plant building a new factory will OR will NOT be included in the calculation of a country's GDP.
  39. 1(d)5 marks· CAPE Economics Unit 2 · 2009 · Paper 2Explain why GDP per capita is NOT an adequate measure of the standard of living of a country.
  40. 1(a)(i)4 marks· CAPE Economics Unit 2 · 2010 · Paper 2Explain the difference between 'Real GDP' and 'Nominal GDP'.
  41. 1(a)(ii)6 marks· CAPE Economics Unit 2 · 2010 · Paper 2Discuss TWO reasons why GDP alone is not a complete measure of net economic welfare.
  42. 1(c)(i)3 marks· CAPE Economics Unit 2 · 2010 · Paper 2Briefly describe Net National Product (NNP) and state how it is measured.
  43. 1(c)(ii)3 marks· CAPE Economics Unit 2 · 2010 · Paper 2Briefly describe Personal Disposable Income (PDI) and state how it is measured.
  44. 1(a)(i)2 marks· CAPE Economics Unit 2 · 2011 · Paper 2Define the term 'intermediate good'.
  45. 1(a)(ii)1 mark· CAPE Economics Unit 2 · 2011 · Paper 2Explain why intermediate goods are excluded from the calculation of Gross Domestic Product (GDP).
  46. 1(a)(iii)2 marks· CAPE Economics Unit 2 · 2011 · Paper 2Explain what is meant by 'value added'.
  47. 1(b)(i)2 marks· CAPE Economics Unit 2 · 2011 · Paper 2Explain the difference between nominal GDP and real GDP.
  48. 1(b)(ii)4 marks· CAPE Economics Unit 2 · 2011 · Paper 2Calculate the GDP for the economy for 2008 and 2009.
  49. 1(b)(iii)2 marks· CAPE Economics Unit 2 · 2011 · Paper 2State, in terms of economic growth, the difference in the economy between 2008 and 2009.
  50. 1(b)(iv)2 marks· CAPE Economics Unit 2 · 2011 · Paper 2State, in terms of economic growth, the difference in the economy between 2008 and 2010.
  51. 1(a)4 marks· CAPE Economics Unit 2 · 2012 · Paper 2Explain the difference between 'Gross Domestic Product (GDP)' and 'Gross National Product (GNP)'.
  52. 1(b)(i)3 marks· CAPE Economics Unit 2 · 2012 · Paper 2Define the income approach for measuring GDP, and outline how it is used.
  53. 1(b)(ii)3 marks· CAPE Economics Unit 2 · 2012 · Paper 2Define the expenditure approach for measuring GDP, and outline how it is used.
  54. 1(c)6 marks· CAPE Economics Unit 2 · 2012 · Paper 2Discuss TWO ways in which growth in a country's GDP may negatively impact the country's standard of living.
  55. 1(a)(i)2 marks· CAPE Economics Unit 2 · 2013 · Paper 2Explain the term 'Gross Domestic Product (GDP) deflator'.
  56. 1(a)(ii)1 mark· CAPE Economics Unit 2 · 2013 · Paper 2State the purpose of the GDP deflator.
  57. 1(b)(i)2 marks· CAPE Economics Unit 2 · 2013 · Paper 2State ONE reason why an individual buying a used textbook will or will NOT be included in the calculation of a country's GDP.
  58. 1(b)(ii)2 marks· CAPE Economics Unit 2 · 2013 · Paper 2State ONE reason why a dealer selling $400 worth of illegal drugs will or will NOT be included in the calculation of a country's GDP.
  59. 1(b)(iii)2 marks· CAPE Economics Unit 2 · 2013 · Paper 2State ONE reason why a meat processing plant building a new factory will or will NOT be included in the calculation of a country's GDP.
  60. 1(d)(i)3 marks· CAPE Economics Unit 2 · 2013 · Paper 2Briefly describe Net National Product (NNP) and state how it is measured.
  61. 1(d)(ii)3 marks· CAPE Economics Unit 2 · 2013 · Paper 2Briefly describe Personal Disposable Income (PDI) and state how it is measured.
  62. 1(a)2 marks· CAPE Economics Unit 2 · 2014 · Paper 2Define the term 'intermediate good'.
  63. 1(b)(i)2 marks· CAPE Economics Unit 2 · 2014 · Paper 2Explain why intermediate goods are NOT counted in the calculation of GDP.
  64. 1(b)(ii)2 marks· CAPE Economics Unit 2 · 2014 · Paper 2Define the term 'value added'.
  65. 1(c)(i)a)2 marks· CAPE Economics Unit 2 · 2014 · Paper 2State the formula for calculating gross domestic product (GDP) using the expenditure approach.
  66. 1(c)(i)b)2 marks· CAPE Economics Unit 2 · 2014 · Paper 2Calculate the GDP for Oilandia, using the expenditure approach.
  67. 1(c)(ii)a)3 marks· CAPE Economics Unit 2 · 2014 · Paper 2Explain the income approach for calculating GDP.
  68. 1(c)(ii)b)3 marks· CAPE Economics Unit 2 · 2014 · Paper 2Calculate the GDP for Oilandia using the income approach.
  69. 1(a)(i)2 marks· CAPE Economics Unit 2 · 2015 · Paper 2Define the term 'gross domestic product (GDP)'.
  70. 1(a)(ii)3 marks· CAPE Economics Unit 2 · 2015 · Paper 2Explain why certain final goods and services are NOT included in the measurement of GDP.
  71. 1(a)(iii)3 marks· CAPE Economics Unit 2 · 2015 · Paper 2Explain why economists use 'real GDP' rather than 'nominal GDP' to gauge economic wellbeing.
  72. 1(b)(i)4 marks· CAPE Economics Unit 2 · 2015 · Paper 2Calculate real GDP in 2013 and 2014, respectively.
  73. 1(b)(ii)2 marks· CAPE Economics Unit 2 · 2015 · Paper 2Calculate the growth (in percentage terms) of nominal GDP between 2013 and 2014.
  74. 1(b)(iii)2 marks· CAPE Economics Unit 2 · 2015 · Paper 2Calculate the growth (in percentage terms) of the real GDP between 2013 and 2014.
  75. 1(b)(iv)3 marks· CAPE Economics Unit 2 · 2015 · Paper 2Explain the difference between 'the growth of nominal GDP' and 'the growth of real GDP'.
  76. 1(a)(ii)4 marks· CAPE Economics Unit 2 · 2017 · Paper 2Distinguish between 'gross domestic product' (GDP) and 'gross national product' (GNP).
  77. 1(b)(i)3 marks· CAPE Economics Unit 2 · 2017 · Paper 2Describe the income approach used to measure GDP.
  78. 1(b)(ii)3 marks· CAPE Economics Unit 2 · 2017 · Paper 2Describe the expenditure approach used to measure GDP.
  79. 1(c)3 marks· CAPE Economics Unit 2 · 2017 · Paper 2Explain ONE way in which growth in a country's GDP may negatively impact the country's standard of living.
  80. 1(a)(i)2 marks· CAPE Economics Unit 2 · 2018 · Paper 2Define 'Value added'.
  81. 1(d)(i)4 marks· CAPE Economics Unit 2 · 2018 · Paper 2Evaluate the statement: 'The expanding underground economy creates problems for economic policymakers.'
  82. 1(d)(ii)4 marks· CAPE Economics Unit 2 · 2018 · Paper 2Evaluate the statement: 'Economists are concerned about 'double counting' and the 'value added' in the production process.'
  83. 1(a)(i)2 marks· CAPE Economics Unit 2 · 2021 · Paper 2Define disposable income.
  84. 1(a)(ii)2 marks· CAPE Economics Unit 2 · 2021 · Paper 2Define net national income.
  85. 1(b)(i)3 marks· CAPE Economics Unit 2 · 2021 · Paper 2Explain the concept of 'double counting'.
  86. 1(c)12 marks· CAPE Economics Unit 2 · 2021 · Paper 2Discuss THREE limitations of national income accounting.

Related topics in Models of the Macroeconomy