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QUESTION 1 (25 Marks) a) What are the two types of intermediary goods that are counted in the GDP calculation? Explain why these two goods are integrated in the GDP calculation. (4) b) Explain some of the major limitations of the GDP concept. (5) c) Define the terms personal income and personal disposable income. Conceptually, how do these income measures differ from national income? Of what use are these measures? (6) d) Three price indices are considered in this course: the GDP deflator, the CPI, and the PPI. Explain the differences among these different measures of the price level. (6) e) Explain the concept of chain-weighted real GDP. What problems with the previous measure of real GDP led to the introduction of this new measure? (4) f) Explain the concept of potential output. Why is potential output difficult to measure? (5) QUESTION 2 (10 Marks) Suppose you are measuring annual GDP of a country by adding up the final value of all goods and services produced in the economy. Determine the effect on the country's GDP for each of the following transactions. a) A seafood restaurant buys N$100 worth of fish from a fisherman. (2) b) A family spends N$100 on a dinner at a restaurant. (2) c) South African Airways buys a C919 jet, manufactured in China, for Y58 billion (R9.5 billion) instead of a Boeing or an Airbus. (2) d) The national airline of your country buys a new jet from Boeing for N$200 million. (2) e) A European airline sells one of its Airbus to a private company for E100 million. (2)