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What is the expenditure approach to measuring GDP? (1 Mark) Write the formula for GDP when using the expenditure approach. (1 Mark) Define, explain and

What is the expenditure approach to measuring GDP? (1 Mark) Write the formula for GDP when using the expenditure approach. (1 Mark) Define, explain and give a real-world example of each of the five variables included in the formula. (2 Marks each = 10 Marks).

What is double counting? (1 Mark) What are intermediate goods? (1 Mark)

Explain how the expenditure approach avoids double counting. (2 Marks)

(16 Total Marks)

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