Table i Variable $ Billions Consumption 325.6 Investment $3.9 Government expenditure 89.1 Tax revenue $5.4 Exports of goods and services 78.5 Imports of goods and services 118.7 Factor income repatriated overseas 12.3 Factor income received from abroad 29.6 (a) (i) Using the data in Table I calculate the GDP in 2019. (2 marks/ (ii) Calculate the GNI of Country X for 2019. /1 mark/ (iin) Calculate the share of GDP arising from private consumption /1 mark) (iv) Explain the differences between GDP, green GDP and GNI. /2 marks/ The following table illustrates economic data for a different nation, country Y: Table 2 Year Nominal GDP Real GDP Annual Population Real GDP GDP ($ deflator real per capita billions) billions) growth (5) rate (%) 2017 41.212 100 41.212 20.273,644 2018 44.899 101.5 21,340.012 2019 47.565 104.3 21,512,412(b) (i) Complete the table by filling in the missing spaces in the table. (3 marks] (ii) Outline the difference between nominal GDP and real GDP. (2 marks] (iii) Explain why GDP per capita, is a better measure of economic welfare, than absolute GDP figures. /1 mark) (iv) Explain why statisticians will sometimes use a GDP deflator when representing GDP statistics. (2 marks) (c) Identify which of the three letters (A, B or C) on the following business cycle diagram best describes the position of the economy in 20187 // mark] Rail GOP Time (d) (i) Explain two reasons why real GDP per capita may not be an accurate measure of living standards in Country Y. (2 marks/(ii) Provide an alternative, more accurate measure of a nation's living standards than GDP. /I mark) (iii) Provide 2 reasons why the government of Country Y decides to calculate and publish national income data. (2 marks/ (e) Using the data provided and your knowledge of economics, recommend a policy which the government of country X could introduce that might lead to increased levels of economic growth in an economy. (10 marks)