National Income - Jamb Economics Past Questions and Answers

Question 46:

• JAMB 1988

Which of the following items is subtracted when computing Gross National Product at factor cost, by the expenditure method?

A. Consumption expenditure
B. Indirect taxes
C. Exports and property income from abroad
D. Gross Domestic Fixed Capital Formation

Question 47:

• JAMB 1988

In estimating the national income of a country, the three approaches usually adopted are the?

A. Expenditure, value-added and output
B. Income, final product and output
C. Expenditure,income and output
D. Avoiding of double counting, final expenditure and value added

Question 48:

• JAMB 1989

In its simplified form, the circular flow of income concept refers to the?

A. Real flow in goods and services between the product and factor markets
B. Monetary payment for goods and services produced by individual firms
C. Transactions in goods and services and payment for such transactions between individual firms and households.
D. Money flows associated with transactions between individual firms and households

Question 49:

• JAMB 1989

In its simplified form, the circular flow of income concept refers to the?

A. Real flow in goods and services between the product and factor markets
B. Monetary payment for goods and services produced by individual firms
C. Transactions in goods and services and payment for such transactions between individual firms and households.
D. Money flows associated with transactions between individual firms and households

Question 50:

• JAMB 1989

The difference between gross national product and net national product is equal to?

A. Gross investment
B. Net investment
C. Net foreign income
D. Capital depreciation