Question 1 Conceptual [5 marks]

Write brief notes on each of the following.

1.What is the use of developing System of National Accounts?

2.List the major characteristics of resident institutional units as described in the SNA.

3.Explain how GDP, GVA and gross output are related.

4.Explain the key limitations of the NSOs to fully adopt international statistical standards.

5.Define the purpose of the industrial classification system used by your local NSOs.