DP Economics Questionbank

Define the term gross domestic product (GDP) indicated in bold in the text (paragraph [3]). 

With reference to the data in Table 2, explain why the GNI per capita for Guatemala is lower than its GDP per capita.

Define the term gross domestic product (GDP) per capita indicated in bold in the text (paragraph [1]).

Define the term gross national income indicated in bold in the text (paragraph 3).

Calculate Averna’s nominal gross domestic product (GDP) in 2019.

Using your answer to part (a), calculate Averna’s real GDP per capita in 2019.

Explain two reasons why an increase in real GDP per capita may not lead to an improvement in living standards.

Using the data in Table 3, calculate the level of investment.

Calculate the real growth rate in 2018 using the figures in Table 4 below.

Table 4

Calculate the total welfare loss resulting from the imposition of the tariff on chia seeds.

Discuss the view that, apart from indicating economic growth rates over time, national income statistics are of little use.

To what extent is the use of national income statistics an effective way of comparing the standard of living between countries?

Calculate gross national income (GNI) for Country X in 2015.

Calculate gross domestic product (GDP) for Country X in 2015.

Define the term real gross domestic product (GDP) indicated in bold in the text (paragraph [2]).

Using the information in Table 2 for Country B, determine real GDP in 2014 and in 2015. Enter your results in Table 2.

Using the information in Table 2 for Country B calculate nominal GDP in 2014. Enter your result in Table 2.

Discuss whether the real gross national income (GNI) per capita of a country is a good indicator of its standard of living.

State the reason for the difference between Ghana’s GNI per capita and its GDP per capita (Table 1).

Using the information in Table 2 for Country B calculate nominal GNI in 2015. Enter your result in Table 2.