Question 2 The table below shows the calculation of national income for country Z. Items Wages and salaries Wholesale and retail Income from rent, dividend and interest Profit Transfer payment Construction Corporate tax Capital Consumption Banking and insurance Mining and gas Private Investment Personal Income Tax Employees Provident Fund Net factor income abroad Based on the data given above: a) Calculate the value of GDP using income the approach. b) Differentiate between real GDP and nominal GDP? RM (million) 400 200 150 250 50 100 60 40 400 100 900 10 60 700

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Comparative Advantage and Absolute Advantage Analysis

The theory of absolute advantage was given by Adam Smith in the year 1776.