National Income - Jamb Economics Past Questions and Answers

Question 101:

• JAMB 2005

In a particular year, the sum of the value added in each sector of the economy was N4550 million
The amount represents the GNP measured by the

A. Factor-price approach
B. Output approach
C. Income approach
D. Expenditure approach

Question 102:

• JAMB 2006

If the marginal propensity to consume is 0.6 and consumption expenditure changes by N10 million, the equilibrium level of income will change by

A. N4.0 milion
B. N25. 0 milion
C. N2.5 milion
D. N15.0 milion

Question 103:

• JAMB 2006

If the marginal propensity to consume is 0.6 and consumption expenditure changes by N10 million, the equilibrium level of income will change by

A. N4.0 milion
B. N25. 0 milion
C. N2.5 milion
D. N15.0 milion

Question 104:

• JAMB 2006

In computing national income, transfers are excluded because

A. They are received only by the poor
B. The figures reduce the size of national income
C. It is difficult to get the exact figures
D. They are not payments for productive activities

Question 105:

• JAMB 2007

A continuous increase in national income accompanied by the structural transformation of all indices is called

A. Economic planning
B. Economic growth
C. Economic reforms
D. Economic development