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Total marks: 40 marks Total time allowed: 1 hour 45 minutes Text A .- Paragraph 1: With a population of 2000 people, Wis the most populated country in the continent of Gondwana and accounts for 35 96 of Gondwana's population. It is the biggest oil exporter in Gondwana and also has the largest natural gas reserves in the continent. Paragraph 2: Economic growth is estimated to have been 6 96 in 2019, owing to continued strong performance mainly in services, but also industry [apart from oil mining] and agriculture. The oil and gas sector was in decline, although at a slower rate than in the previous year. Revenues from oil and gas were estimated to have declined by 1.3 96, relative to a decline of 13.1 % in 2018. The sharp decline in oil prices since the third quarter of 2019 has posed major challenges to the country's current account balance and public finances. 0il contributes close to 90 96 of export revenues and roughly 75 % of the country's total budget revenues. Paragraph 3: Lower oil prices will continue to pose strong challenges for public finance at all levels of government during the year and will also represent a major constraint on the ability of the new government to introduce some of its ambitious programs. It is focusing on anti-corruption, the economy, including jobs and unemployment, and security. Paragraph 4: The central bank of Wraised its base interest rate to 14 % in July 2019. It was the second rate increase in the year. In addition, the inflation rate kept its upward trend and reached 16.5 96 in June, the highest since 2010. Paragraph 5: The major medium-term challenge for the government of Wis to accelerate the creation of productive jobs through private sector growth and to make improvements in education {skills}. So far, the pace of job creation has been inadequate, leading to increasing frustration among underemployed Wyouth. Table 1: GDP per capita $ 4000 _ Consumption spending S 3.5 million Investment spending S 1.5 million Government spending Sl-vmimon Import spending $ 0.5 million Using information from the text/data and your knowledge of economics, discuss whether national income statistics alone (like GDP and G DP per capital are the most appropriate measure of the economic well-being of the citizens of W [15 marks]