Formative Assessment Grade 11
Max Marks: 25
Duration: 50 minutes
All Questions are compulsory
Qs. 1 The following table shows the national Income Statistics for Maryland in 2019.
Complete the missing figures.
[4 marks]
Qs. 2. Explain two reasons why using GDP per capita not be a good indicator for measuring
standard of living?
[4 marks]
Qs. 3 An economy’s GNI and GDP are $435 billion and $785 billion respectively. Calculate
their net incomes from abroad.
[2 marks]
Qs. 4 You are given the information in the table on an imaginary country called Lakeland.
Year 2016 is taken as the base year.
(a) Calculate the real GDP for all the years.
[3 marks]
(b) In the year 2017-18, nominal GDP increased, but real GDP fell. Explain how this could
have happened.
[2 marks]
(c) Calculate the real GDP per capita.
[2 marks]
Qs. 5 Using the circular flow of income model, distinguish between the income, output and
expenditure approaches to national income accounting.
[10 marks]