National Income - Jamb Economics Past Questions and Answers

Question 66:

• JAMB 1992

\(\begin{array}{c|c}
& \text{Year 1} & \text{Year 2} \\
\hline
\text{GNP at current prices(NM)} & 20,000 & 27,000 \\ \hline
\text{Population(Million)} & 20 & 24 \\
\end{array}\)
Calculate the GNP per head of the population in year 1 and year 2.

A. N2000.00, N1000.00
B. N1125.00; N2000.00
C. N1000.00, N2000.00
D. N1000.00; N1125.00

Question 67:

• JAMB 1992

In national income accounting, aggregate saving in any year is defined as?

A. All disposable income not spent on consumption
B. All savings deposits in all banks during the year
C. All savings and time deposits in all banks during the year
D. The value of inventory change for the year

Question 68:

• JAMB 1993

If 502.75 million tonnes of grains are consumed annually by a population of 88.5 million people, the per capita grains consumption will be?

A. 6.00 tonnes
B. 5.68 tonnes
C. 0.60 ton
D. 0.57 ton

Question 69:

• JAMB 1993

According to the income approach to national income measurement, the national income of a country is equal to?

A. The value of all output produced in the country over the relevant period of time at market prices
B. The value of output at factors cost
C. The value added to production
D. C +I + G

Question 70:

• JAMB 1993

The best index for international comparison of standards of living is the?

A. Gross national product
B. Net national income
C. Per capita income
D. Gross national income