Answer ALL questions in this section. Choose the most appropriate answer. Write down the letter that represents the correct answer next to each number in your online answer booklet. E.g. 26 B 1.1 Double counting can be avoided when computing GDP by: (4 marks) a) simply deducting a double-counting factor from the GDP estimates. b) adding the value of only the intermediate (non-final) goods and services produced. c) adding only the value contributed by firms at each stage of production. d) including the value of all output produced in the economy. The problem being illustrated in the above extract regarding the use of gross domestic product as a measure of economic performance is... (4 marks) a) Data revision b) Economic welfare c) Unrecorded activity d) Non-market production 1.4 The reason that illegally imported used cars are not accounted for in the measure of GDP is because they violate which element of GDP? a) Market value. (4 marks) b) Final goods and services. c) Economy. d) Specific time period