National Income - Jamb Economics Past Questions and Answers

Question 61:

• JAMB 1991

The Gross Domestic Product is defined as the total value of?

A. All final goods and services produced in a country during the year
B. All assets of a country in a particular year
C. Exports net of total value of imports
D. All receipts

Question 62:

• JAMB 1991

In the national income and product accounts, double counting is avoided if?

A. Only final goods counted
B. Only intermediate goods are counted
C. Only intermediate and final goods are counted
D. The value of all goods and services are added together

Question 63:

• JAMB 1991

If W stands for wages/salaries, P for profit, R for interest and Z for rent on land real estate, then national income is?

A. W -P - R - Z
B. W + P + Z - R
C. P - R - Z + W
D. W + P + R + Z

Question 64:

• JAMB 1991

The value of total output in the economy using the value added approach is

A. N57.00
B. 37.00
C. 20.00
D. 15.00

Question 65:

• JAMB 1992

\(\begin{array}{c|c}
& \text{Year 1} & \text{Year 2} \\
\hline
\text{GNP at current prices(NM)} & 20,000 & 27,000 \\ \hline
\text{Population(Million)} & 20 & 24 \\
\end{array}\)
What is the percentage increase in GNP between year 1 and year 2?

A. 3.5.0%
B. 14.0%
C. 20.0%
D. 35.0%