1.1.1 When calculating gross domestic expenditure (GDE), errors and omissions are accounted for by the …
A market price - NSC Economics - Question 1 - 2024 - Paper 1
Question 1
1.1.1 When calculating gross domestic expenditure (GDE), errors and omissions are accounted for by the …
A market price.
B residual item.
C basic price.
D input cos... show full transcript
Worked Solution & Example Answer:1.1.1 When calculating gross domestic expenditure (GDE), errors and omissions are accounted for by the …
A market price - NSC Economics - Question 1 - 2024 - Paper 1
Step 1
When calculating gross domestic expenditure (GDE), errors and omissions are accounted for by the …
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Answer
The correct answer is B: residual item. In economic statistics, residual items refer to adjustments made to account for discrepancies in data compilation.
Step 2
The vertical difference between a trough and the next peak of a cycle is known as …
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Answer
The correct answer is A: amplitude. Amplitude measures the height or depth of cycles, indicating the distance from the trough to the peak.
Step 3
The Minister of Finance presents the Medium-term Budget Policy Statement (MTBPS) in … every year.
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Answer
The correct answer is D: October. The MTBPS is typically presented annually in October, providing a mid-term review of budget policies.
Step 4
The difference between tangible exports and tangible imports is called …
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Answer
The correct answer is A: trade balance. Trade balance indicates the difference between the value of exports and imports.
Step 5
The worldwide interfacing and interaction of economies, with trade as an important element, is called …
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Answer
The correct answer is C: globalisation. Globalisation refers to the processes that enable interactions among economies across the globe.
