Question 1 Though most countries in the world use the Gross Domestic Product (GDP) as an indicator of the well-being of the nation, the indicator has its own set of issues. Explain why GDP is often NOT considered the best indicator to measure well-being. [20 marks] Question 2 Using appropriate examples, explain two main types of unemployment that usually occur in Malaysia. [Hint: The answer MUST be about the two most recurring unemployment types in Malaysia. Any generic answers will not be accepted.] [25 marks] Question 3 Using the AD-AS diagram, explain the effect of the following on price and real income. (a) Prediction of World War 3 next year (b) Consumers are optimistic about the economy (c) The government has increased sales and service tax (d) The minimum age for working has been reduced [Hint: ZERO marks will be given if there are no diagrams] [25 marks] Question 4 There are three main types of foreign exchange rate systems used globally. Explain all three of them and also indicate which countries use them. [30 marks]