[SOLUTION] Scientific and Financial Calculators

i.e., Scientific and financial calculators are allowed.Question 1 Allocated Mark = 4 marks• “Based on the following figures”,Consumption $200 billionDepreciation 20Retained earnings 12Gross investment 30Imports 70Exports 50Net foreign factor income 10Government purchases 80• “How much is GDP?” (1 mark)”• “How much is net investment?” (1 mark)• “How much is national income?” (1 mark)• “If all prices were to double overnight, what would be the”• “Change in real GDP?” (0.5 mark)• “Change in nominal GDP?” (0.5 mark)“Notes: SHOW all the necessary calculations, less marks will be given if you failed to show the calculation”.AnswerQuestion 2 Allocated Mark = 4 marks• “President Trump suggested that Apple corporation should move its iPhone manufacturing back from China into the United States. Is this a good idea? What impact would it have on employment, wages, and prices? Explain!” (2 marks)•“Suppose the following data describe a nation’s population”:Year 1 Year 2Population 320 million 330 millionLabor force 150 million 160 million

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