Waec Model Questions Vol1 2024 Economics Question 7

Practice essay / theory question 7 from the 2024 Waec Model Questions Vol1 Economics examination. This question covers National Income Accounting, GDP, GNP, NNP, Limitations of GDP .

Waec Model Questions Vol1 2024 Economics Essay / Theory

Topics: National Income Accounting GDP GNP NNP Limitations of GDP

Question 7 WAEC_MODEL_QUESTIONS_VOL1 • 2024 • ECONOMICS • essay

The table below shows selected macro‑economic aggregates for Nigeria in the year 2023 (all values in billions of naira).

Question Parts

( a )

Using the expenditure approach, calculate the Gross Domestic Product (GDP) for 2023. Show clearly how you combine the given aggregates.

( b )

Given that Net Factor Income from abroad (NFIA) for the same year is –₦120 billion, compute the Gross National Product (GNP). Explain the relationship between GDP and GNP.

( c )

Depreciation (consumption of fixed capital) for 2023 is ₦250 billion. Determine the Net National Product (NNP) and discuss why NNP is considered a better indicator of the economy’s productive capacity than GDP.

( d )

Critically evaluate two major limitations of using GDP as a measure of welfare in Nigeria.

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About This Question

This is Waec Model Questions Vol1 2024 Economics Question 7. It is one of the essay questions from the 2024 Waec Model Questions Vol1 Economics examination.

The question covers National Income Accounting, GDP, GNP, NNP, Limitations of GDP .

View More Waec Model Questions Vol1 2024 Economics Questions More Waec Model Questions Vol1 Practice Questions Back to Questions

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