Question no 1

a] Explain a two sector economyr in the circular ow diagram and relate it to THREE [3) approaches in calculating national income [5 Marks] b} Calculate of national income using the output approach. Calculate the: i. Gross Domestic Product (GDP) at market price ii. Gross Domestic Product at factor cost iii. Gross national Product at factor cost iv. National Income v. Personal Income vi. Disposal personal income