Question 1
The expenditure approach (the sum of all spendings) to measuring the value of the nation's output (GDP) is equivalent to the income approach (the sum of all payments to factors). Discuss and illustrate with examples(s) where necessary.
Question 2
Real GDP is the same as nominal GDP? If yes, why? If no, why? Discuss
Question 3
Does GDP provide an accurate measure of the well-being of the population in a country? Yes or No. Discuss and offer examples where necessary.