5 marksNational Income Accounting

CSEC Economics · May/June 2011 · Paper 2 · Question 5(d)

Using a numerical example, show how 'nominal output' and 'real output' differ.

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Other parts of this question

5(a)Define the term 'gross domestic product'.[2 marks]
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]

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