1.1.1 When calculating gross domestic expenditure (GDE), errors and omissions are accounted for by the …
A - 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. in... 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 - 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. This refers to the adjustments made for any discrepancies in the measurement of GDE.
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. This term describes the height of the wave between the trough and the peak in a cycle.
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. This is the typically designated month for the presentation of the MTBPS.
Step 4
The difference between tangible exports and tangible imports is called …
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Answer
The correct answer is A. trade balance. This term refers to the net exports or imports of a country.
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. This process emphasizes the interconnectedness of different economies around the world.
