Neco 2018 Economics Question 15

Practice objective / multiple choice question 15 from the 2018 Neco Economics examination.

Neco 2018 Economics Objective / Multiple Choice Medium Difficulty
Question 15 NECO • 2018 • ECONOMICS • objective

In a given year the following income‑approach components of a country's economy were recorded (all figures in Naira): wages = 1 200 000, rent = 300 000, interest = 200 000, profits = 500 000, indirect taxes less subsidies = 150 000, depreciation = 250 000. Net factor income from abroad is - 80 000 (a net outflow). The population is 250 000. (a) Compute GDP at market price. (b) Compute GNP. (c) Compute per‑capita GNP (to two decimal places).

Answer Options

A. (a) GDP = ₦2 600 000. (b) GNP = ₦2 520 000. (c) Per‑capita GNP = ₦12.60.
Correct Answer B. (a) GDP = ₦2 600 000. (b) GNP = ₦2 520 000. (c) Per‑capita GNP = ₦10.08.
C. (a) GDP = ₦2 600 000. (b) GNP = ₦2 680 000. (c) Per‑capita GNP = ₦10.72.
D. (a) GDP = ₦2 350 000. (b) GNP = ₦2 270 000. (c) Per‑capita GNP = ₦9.08.
Correct Answer
B
Correct Option:
(a) GDP = ₦2 600 000. (b) GNP = ₦2 520 000. (c) Per‑capita GNP = ₦10.08.

About This Question

This is Neco 2018 Economics Question 15. It is one of the objective questions from the 2018 Neco Economics examination.

Difficulty level: Medium .

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