Gce Model Questions Vol1 2017 Economics Question 7

Practice essay / theory question 7 from the 2017 Gce Model Questions Vol1 Economics examination. This question covers National Income .

Gce Model Questions Vol1 2017 Economics Essay / Theory

Topic: National Income

Question 7 GCE_MODEL_QUESTIONS_VOL1 • 2017 • ECONOMICS • essay

The table below shows selected macro‑economic data for Country X for the year 2022 (all values in billions of naira).

Question Parts

( a )

Using the expenditure approach, calculate the Gross Domestic Product (GDP) at market prices.

( b )

Adjust the figure obtained in part (a) to determine Gross National Product (GNP) at market prices.

( c )

Derive National Income (NI) at factor cost from the GNP obtained in part (b).

( d )

Assume that exports increase by 10 % while all other components of aggregate demand remain unchanged. Explain qualitatively how this change would affect the National Income and why.

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About This Question

This is Gce Model Questions Vol1 2017 Economics Question 7. It is one of the essay questions from the 2017 Gce Model Questions Vol1 Economics examination.

The question covers National Income .

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