1)(a) Write down the formula for calculating GDP by the Expenditure Method (b) Explain what is in each component of GDP (c) Distinguish between a Trade Deficit and a Trade Surplus (d) Distinguish between a Budget Deficit and a Budget Surplus (e) What is the relationship between Nominal GDP and Real GDP in the Base year Explain

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1)(a) Write down the formula for calculating GDP by the Expenditure Method (b) Explain what is in each component of GDP (c) Distinguish between a

1)(a) Write down the formula for calculating GDP by the Expenditure Method

(b) Explain what is in each component of GDP

(d) Distinguish between a Budget Deficit and a Budget Surplus

(e) What is the relationship between Nominal GDP and Real GDP in the Base year? Explain...

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