4 marks iii calculate the rate of economic growth

(4 marks)
(iii) Calculate the rate of economic growth between 2006 and 2007. (4 marks)
[Source: Sept Exam, 2008/09: Q2 (d)]
3. Briefly explain any FIVE (5) reasons why GDP does not necessarily measure the well-being
of a country. (10 marks)
[Source: September Exam, 2014/15: Q2]
4. With the aid of a diagram, briefly describe the FIVE (5) phases of the business cycle.
(12 marks)
[Source: Jan Exam, 2017: Q2 (b)]
5. Differentiate between Gross Domestic Product (GDP) and Real Gross Domestic Product
(RGDP). (6 marks)
[Source: April Exam, 2014/15: Q2 (a)]
6. The table below shows the national income accounting data for a particular country for the year
2017:
ITEMS RM million
Net Interest 36
Corporate profit 50
Indirect Business tax 15
Proprietors’ income 45
Compensation of employees 560
Consumption of fixed capital 6
Rental Income 27
Income earned by the rest of the world 10
Income earned from the rest of the world 15
Statistical discrepancy 5
Using the income approach , calculate the following values:
(i) National Income (NI); (4 marks)
(ii) Gross National Product (GNP); (4 marks)
(iii) Gross Domestic Product (GDP); (4 marks)
(iv) GDP per capita if the population for the year is 5 million. (3 marks)
[Source: Jan Exam, 2017: Q2 (a)]
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