Waec Model Questions Vol1 2021 Economics Question 7

Practice essay / theory question 7 from the 2021 Waec Model Questions Vol1 Economics examination. This question covers National Income .

Waec Model Questions Vol1 2021 Economics Essay / Theory

Topic: National Income

Question 7 WAEC_MODEL_QUESTIONS_VOL1 • 2021 • ECONOMICS • essay

The table below shows selected macro‑economic data for Country X for the year 2022 (all values in ₦ billions).\n\n- Consumption (C): 1,200\n- Investment (I): 300\n- Government expenditure (G): 500\n- Exports (X): 250\n- Imports (M): 350\n- Net factor income from abroad (NFIA): -20 (net outflow)\n- Depreciation (D): 150\n\nUsing this information, answer the following questions.

Question Parts

( a )

Define Gross Domestic Product (GDP) at market price and Gross National Product (GNP) at factor cost. Explain the conceptual difference between the two measures.

( b )

Using the data provided, calculate the Net National Product (NNP) at factor cost for Country X.

( c )

Based on the NNP you have obtained, discuss one policy implication for a developing economy that aims to raise the standard of living of its citizens.

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About This Question

This is Waec Model Questions Vol1 2021 Economics Question 7. It is one of the essay questions from the 2021 Waec Model Questions Vol1 Economics examination.

The question covers National Income .

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