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Question 5 [14 Marks] 5.1) GDP can be calculated using various methods. One of the methods is known as the income approach. Using the information
Question 5 [14 Marks] 5.1) GDP can be calculated using various methods. One of the methods is known as the income approach. Using the information provided below, calculate the GDP of Ultron using the income approach. Profit = R10 000; Wages = R2000; Interest = R1500; Rent = R4000 (ONISM ) (2 Marks) 5.2) There are various methods used for calculating GDP that will only produce the same results if the same prices are taken into account when doing the calculations. Identify these three prices. (3 Marks) 5.3) Differentiate between Real GDP and Nominal GDP. (4 Marks) 4 HECO130-1-July-Dec2023-FA2-RJK-V2-26062023 5.4) In measuring GDP, there are a certain inaccuracies that should be taken into consideration. Discuss these inaccuracies
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