“Developing Skills” - Freeway 1A



HKDSE Economics in Life Macroeconomics 1 (first published July 2014)

Amendments

|Locations |Original text |Amendment |

|P. 21 |Toolbox 15.2 |‘The contribution of the above production chain to |

| |‘The contribution of the above production chain to |the economy’s GDP at factor cost |

| |the economy’s GDP at factor cost |= The value added at factor cost of the card |

| |= Total value added before tax and subsidy on |manufacturers + the value added at factor cost of |

| |production and products |the card retailers |

| |= ($25,000 – $10,000) + ($70,000 – $25,000) |= [($25,000 – $10,000) + $2,000] + ($70,000 – |

| |= $60,000 |$25,000) |

| | |= $62,000 |

| |The contribution of the above production chain to | |

| |the economy’s GDP at market prices |The contribution of the above production chain to |

| |= $60,000 + Indirect tax – Subsidy |the economy’s GDP at market prices |

| |= $60,000 + $5,500 – $2,000 |= $62,000 + Indirect tax – Subsidy |

| |= $63,500’ |= $62,000 + $5,500 – $2,000 |

| | |= $65,500’ |

|P. 121 |Revision Exercise MC11 option B |‘a decrease in aggregate demand and an increase in |

| |‘an decrease in aggregate demand and an increase in|short run aggregate supply’ |

| |short run aggregate supply’ | |

|P. 140 |19.1.5 Currency Issuing System in Hong Kong first |‘Banknotes of other face values are issued by the |

| |paragraph |following three commercial banks: |

| |‘Banknotes of other face values are issued by the |- The Hongkong and Shanghai Banking Corporation |

| |following three commercial banks: |Limited |

| |- The Hong Kong and Shanghai Banking Corporation |- Standard Chartered Bank (Hong Kong) Limited |

| |Limited |- Bank of China (Hong Kong) Limited’ |

| |- Standard Chartered Bank (Hong Kong) Limited | |

| |- Bank of China (Hong Kong) Limited’ | |

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