National Income measurements and their problems - Jamb Economics Past Questions and Answers

Question 6:

• JAMB 2019

A country's budget allocation to various sectors of the economy is shown in the pie chart .

If the budget of the country was $7,200.00, how much is allocated to education?

A. $2,400.00
B. $2,000.00
C. $1,200.00
D. $1,000.00

Question 7:

• JAMB 2019

Given that Y = C + 1, where C = 50 + 0.75 and 1 = N45m, what is the equilibrium level of income?

A. N20m
B. N380m
C. N200m
D. N180m

Question 8:

• JAMB 2017

The following are Methods of measuring National Income of a country EXCEPT; ?

A. Expenditure method
B. Consumption method
C. Input Method
D. Output method

Question 9:

• JAMB 2015

The following equations relate to an open economy with a government sector. E = aggregate expenditure on domestically produced goods, C = Consumption, I = Investment, G = Government expenditure, T = taxes, M = imports, X = Exports. Which equation is correct

A. E = C + I + G
B. E = C + I + G + M – X
C. E = C + I + G + X – M
D. E = C + I + G – T + M – X

Question 10:

• JAMB 2014

What is the percentage contribution of services to the national income?

A. 15%
B. 10%
C. 54%
D. 24%