The Concepts of GNP, GDP, NI, NNP - Jamb Economics Past Questions and Answers

Question 1:

• JAMB 2019

A demand which gives rise to the reverse of the law of demand is__________

A. Derived demand
B. Joint demand
C. Abnormal demand
D. Composite demand

Question 2:

• JAMB 2018

Use the following information given to answer this question

Total of all expenditure incurred during the year ₤ 80,000m
Indirect taxes on goods and services ₤ 8,000m
Capital consumption ₤ 6,000m

Gross national expenditure at factor cost is_________

A. ₤ 88,000μ
B. ₤ 82,000μ
C. ₤ 74,000μ
D. ₤ 72,000μ

Question 3:

• JAMB 2019

In an open economy, the GNP is measured as_____________?

A. C + 1 + G(X-M)
B. C + 1 + G
C. C + 1 + G + X
D. C + 1 + G + M

Question 4:

• JAMB 2017

The production within domestic territory of a country is called the _____

A. Net national product
B. Gross domestic product
C. Net income
D. Disposable income

Question 5:

• JAMB 2015

$\begin{array}{cc}\text{Capital consumption allowance}& \text{N20,000}\\ \text{Gross domestic production}& \text{N60,000}\\ \text{Factor payment to foreigners}& \text{N10,000}\\ \text{Factor income from abroad}& \text{N15,000}\end{array}$


From the above table, calculate the Gross National Product.

A. N70,000
B. N75,000
C. N50,000
D. N60,000