Use the information in the table below to answer Q.3.1 to Q.3.3: GDP at market price...

Use the information in the table below to answer Q.3.1 to Q.3.3:

GDP at market prices R397bn
Net primary income payments to the rest of
the world
R37bn
Indirect taxes R23bn
Subsidies R11bn
20 2020

Consumption of fixed capital R32bn
Q.3.1 Calculate the value of gross national income (GNI) at market prices. (3)

Q.3.2 Calculate the value of net national product (NNI) at market prices. (3)

Q.3.3 Calculate the value of net national income (NNI) at factor cost. (3)

Q.3.4 Identify the two major accounts of the balance of payments and explain the key
difference between the two accounts.
(4)

Q.3.5 Define the term, “inflation” and indicate the index that is used to measure the rate
of inflation.