100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
ECS2603 EXAM PACK 2023 - DISTINCTION GUARANTEED $2.75   Add to cart

Exam (elaborations)

ECS2603 EXAM PACK 2023 - DISTINCTION GUARANTEED

 10 views  0 purchase
  • Course
  • Institution
  • Book

ECS2603 Exam Pack 2023 Latest questions and answers and summarized notes for exam preparation. For assistance call or W.h.a.t.s.a.p.p us on +/ 2/ 5/ 4 /7 /7 /9 /5 /4 /0 /1 /3 /2 .

Last document update: 11 months ago

Preview 2 out of 15  pages

  • November 27, 2023
  • November 27, 2023
  • 15
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers
  • Unknown
avatar-seller
ECS2603
EXAM PACK

, SUGGESTED SOLUTIONS FOR 2015 MAY/JUNE

Question A1

Gross domestic expenditure

Plus exports of goods and services

Less imports of goods and services

Equals Expenditure on gross domestic product (GDP @ market prices)

The diifference between basic prices, factor cost and market prices can be ascribed to:

 These three sets of prices that can be used to calculate GDP.
 However market price are used to calculate GDP according to the expenditure method
while basic prices are used when production (value added) method is applied. Lastly
factor cost is used when the income method id followed.

NB** These three methods of calculating GDP will yeild the same result merely if the same set
of prices is used in all the calculations.

Question A2

a)

442 169 − 435 389
× 100 = 0.38%
1 782 061

Shows an increase of 0.38%
b)

1 782 061 − 1 814 521
× 100 − 1.79%
1 814 521

The negative sign represents a decline in the annual real GDP from 2013 to 2014.

Question A3

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller LIBRARYpro. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $2.75. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

67163 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$2.75
  • (0)
  Add to cart