Learning Outcomes 5b 5c Gdp Measurement Cp B I For The Year Ending 2017 Household Sp 3277072

Learning Outcomes 5b & 5c-GDP measurement CP b) i. For the year ending 2017 household spending was $160 bilion, Government expenditure was $50 billion, investment was $65 billion, exports were $75 billion and imports were also $75 billion. Calculate the GDP. Source: Statistics NZ 15 March 2018 (1 mark) i. The GDP you calculated above is the Nominal GDP. To calculate the Real GDP you adjust by the Consumer Price Index (CPI). Briefly describe the CPI and how it is calculated. (2 marks) ii GDP has been criticised by many. Outline two criticisms of GDP as an economic measure and/or as a measure (4 marks) of economic welfare