Gce Model Questions Vol1 2024 Economics Question 7
Practice essay / theory question 7 from the 2024 Gce Model Questions Vol1 Economics examination. This question covers National Income, GDP, GNI, National Income Distribution .
The following macro‑economic data relate to Country X for the year 2023 (all figures are in ₦ billions): - Consumption (C) = 3,200 - Investment (I) = 800 - Government spending (G) = 1,200 - Exports (X) = 500 - Imports (M) = 600 - Indirect taxes less subsidies (T) = 300 - Net factor income from abroad (NFI) = –50 (net outflow) - Depreciation (D) = 150 Using this information, answer the questions below. (a) Calculate the Gross Domestic Product (GDP) at market price. (b) Derive GDP at factor cost, Gross National Income (GNI) and National Income (NI). (c) Discuss two major limitations of using GNI as a measure of the economic welfare of a country and suggest two policy measures that could improve the distribution of national income.
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This is Gce Model Questions Vol1 2024 Economics Question 7. It is one of the essay questions from the 2024 Gce Model Questions Vol1 Economics examination.
The question covers National Income, GDP, GNI, National Income Distribution .
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