(a) In 1900, the average work week was 65 hours; today it is approximately 35 hours. How did this change affect real GDP and the standard of living in a country? Comment on your answers. (6 marks)

(b) Table 4

Perkara (Item)	Jumlah (Amount) (RM millions)
Upah yang dibayar (Wages paid)	100
Perbelanjaan penggunaan (Consumption expenditure)	120
Cukai (Taxes)	40
Bayaran pindahan (Transfer payments)	15
Keuntungan (Profits)	35
Pelaburan (Investment)	30
Perbelanjaan kerajaan (Government expenditure)	50
Eksport (Exports)	30
Import (Imports)	40

Table 4 shows the transaction in Malaysia last year:

i) Calculate Malaysia’s GDP. (3 marks)

ii) What approach did you use to make this calculation? (1 mark)

SOALAN 2/ QUESTION 2

a) The world is now facing the covid-19 pandemic, with unemployment rising by 30% in 3 months. What type of unemployment is this? How can this problem of unemployment be resolved? (5 marks)

b) What is inflation and why inflation is a problem? Explain.(5 marks)

Answer rating: 100% (QA)

The increase in real GDP per capita between 1900 and today understates wellbeing because the value of leisure is not included in GDP Real GDP has increased and standard of living improved The workers ... View the full answer