# Eco Question Pool

Submitted By greglippy
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ECON1102 MACROECONOMICS 1 Session 2, 2012 Tutorial Test (Week 17-21 September) INSTRUCTIONS 1. Tutorial tests will be constructed from the following pool of short-answer questions. 2. Each Tutorial test will be comprised of a sufficient number of short-answer questions to add-up to a total of 20 marks. 3. The marks for each question provide an indication of how much is required to answer the question. 4. Tutorial tests may contain questions on different topics. 5. The set of short-answer questions used will vary across Tutorial tests. 6. Where questions have numerical parts, the actual numbers used will be changed for the Tutorial tests. 7. You will have 30 minutes to complete your Tutorial test. 8. A non-programmable calculator may be used. 9. Answer sheets will be provided. 10. Since the following questions will be used in an exam; lecturers, tutors and PASS leaders will not provide help in directly answering the questions.

Pool of Short-Answer Questions for Tutorial Tests Explain the three different approaches that can be used to calculate GDP. Briefly indicate why all three approaches should give the same estimate for GDP. (3 marks) Is GDP a good measure of a country’s economic welfare? Discuss. (5 marks) Consider the following National Accounts data for the calendar year 2010. \$Bill Private Consumption 1200 Imports 600 Government Purchases 600 Gross Taxation Receipts 800 Exports 500 Government Transfer Payments 300 Beginning-of-year Inventories 200 Net Interest Payments on Government Debt 40 End-of-year Inventories 100 Sales of Existing Houses and Flats 600 Business Fixed Investment 500 (a) Use the above data to calculate GDP for 2010. Explain how you arrive at your figure for GDP (1 mark) (b) Use the above data to calculate National Saving in 2010. Explain how you arrive at your figure for National Saving. (1 mark) (c) Use the above data to calculate...

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