2 marksNational Income Accounting
CSEC Economics · May/June 2011 · Paper 2 · Question 5(a)
Define the term 'gross domestic product'.
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- 5(b)Identify the FIVE items used in calculating gross domestic product when using the expenditure approach.[5 marks]
- 5(c)Explain FOUR ways in which a recession can affect the gross domestic product in your country.[8 marks]
- 5(d)Using a numerical example, show how 'nominal output' and 'real output' differ.[5 marks]
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