National Income - Jamb Economics Past Questions and Answers

Question 1:

• JAMB 2019

The method obtained by adding all the reward of factors of production in national income is________

A. Income approach
B. Expenditure approach
C. Value added method
D. Output approach

Question 2:

• JAMB 2019

The use of government income and expenditure instrument to regulate the economy is termed______

A. Monetary policy
B. Physical policy
C. Fiscal policy
D. Public finance

Question 3:

• JAMB 2018

Most of the National debts is "dead weight" in the sense that is____

A. Bound to increase from year to year
B. Accumulated as the result of past capital investment
C. The responsibility of the treasury
D. Not covered by any real asset

Question 4:

• JAMB 2018

Use the following information given to answer this question
Total of all expenditure incurred during the year 80,000m
Indirect taxes on goods and services 8,000m
Capital consumption 6,000m

National income is__________

A. ₤ 74,000m
B. ₤ 66,000m
C. ₤ 60,000m
D. ₤ 14,000m

Question 5:

• JAMB 2018

Use the following information given to answer this question

Total of all expenditure incurred during the year ₤ 80,000m
Indirect taxes on goods and services ₤ 8,000m
Capital consumption ₤ 6,000m

Gross national expenditure at factor cost is_________

A. ₤ 88,000μ
B. ₤ 82,000μ
C. ₤ 74,000μ
D. ₤ 72,000μ