Part B — Macroeconomics Worth 10% of total assessment:

Part B — Macroeconomics Worth 10% of total assessment:

Part B — Macroeconomics Worth 10% of total assessment: Answer any five (5) of the following eight (8) questions. Each question is worth 10 marks.Question 1: Important Note: (Parts (a) to (g), 1/2 mark each; parts (h) and (I), 1 mark each parts (0′ (k) and (14, 1.5 marks each) Suppose the following are national accounts data for a given year for a fictitious country:$13 AUD 320 785 585 210Consumption of fixed capital Gross private fixed capital formation Government consumption expenditure Government investment expenditureImports of goods and services Exports of goods and services Household consumption expenditure Net property and other income paid overseas Returns to labour Firm profits Other factor rentals565 690 3115 34 2651 .1687 482(a) Calculate GDP using the income method; (b) Calculate GDP using the expenditure method at market prices: (C) Calculate Gross National Expenditure (GNE); (d) Calculate Net Domestic Product (NDP); (e) Why might NIP be a better measure of economic performance than GDP? (f) Calculate Gross National Product (GNP); (g) Calculate Net National Product (NNP);

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