Neco 2018 Economics Question 7

Practice essay / theory question 7 from the 2018 Neco Economics examination. This question covers National Income, GDP, Economic Growth .

Neco 2018 Economics Essay / Theory

Topics: National Income GDP Economic Growth

Question 7 NECO • 2018 • ECONOMICS • essay

A developing country recorded the following macro‑economic data for the two most recent fiscal years:

Question Parts

( a )

Define nominal GDP and real GDP. Explain why real GDP is preferred when assessing economic growth over time.

( b )

Using the data below, calculate the real GDP for each year and the percentage growth rate of real GDP from 2021 to 2022. - Nominal GDP 2021 = ₦13,500 billion, GDP deflator 2021 = 110. - Nominal GDP 2022 = ₦15,000 billion, GDP deflator 2022 = 120.

( c )

Discuss the likely impact of a recession on unemployment and outline two fiscal policy measures the government could adopt to mitigate the recessionary pressures.

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About This Question

This is Neco 2018 Economics Question 7. It is one of the essay questions from the 2018 Neco Economics examination.

The question covers National Income, GDP, Economic Growth .

View More Neco 2018 Economics Questions More Neco Practice Questions Back to Questions

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