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IB Economics HL 3.1.1 National Income Accounting Questions

Practise 3.1.1 National income accounting in IB Economics HL by reviewing the concepts and applying them to marked questions.

Syllabus
First assessment 2022
Course
Economics HL
Level
HL

Exam points

  • National income accounting measures economic activity
  • Income, output, and expenditure approaches are equivalent in the circular flow model
  • Diagram: circular flow of income showing decision-makers, leakages, and injections

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Study 3.1.1—National income accounting conceptsOpen the corresponding Concept lesson for explanations, examples and exam connections.

IB Economics HL 3.1.1 National Income Accounting Questions question 1

[Maximum number: 2]

The following table presents national income statistics for selected variables related to Country Z for 2012 and is expressed in millions of dollars.

Table for Question IB Economics HL 3.1.1 National Income Accounting Questions question 1 — IB Economics HL

Countries may calculate GDP using the output approach, the income approach or the expenditure approach. Outline the difference between the expenditure approach and the income approach.

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