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3 marksNational Income Accounting

CSEC Economics · May/June 2016 · Paper 2 · Question 7(e)(i)

The retail price index is 115 and gross domestic product is currently recorded at $500 billion.

Calculate the real output.

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Other parts of this question

  1. 7(a)Define the term 'recession'.[2 marks]
  2. 7(b)Identify TWO withdrawals from the circular flow of income.[2 marks]
  3. 7(c)List THREE types of unemployment.[3 marks]
  4. 7(d)Explain TWO ways in which fiscal policy can be used to reduce unemployment in the tourism sector.[8 marks]
  5. 7(e)(ii)State what the retail price index implies about inflation.[2 marks]

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