Neco 2024 Economics Question 3
Practice objective / multiple choice question 3 from the 2024 Neco Economics examination.
In a given economy the following aggregate data are known: Consumption \(C = 2,500\) billion ₦, Investment \(I = 800\) billion ₦, Net exports \(NX = 150\) billion ₦, Net factor income from abroad \(NFIA = -30\) billion ₦, and total Gross Domestic Product \(GDP = 4,200\) billion ₦. Government spending \(G\) is not given. Using the expenditure approach, first determine \(G\). Then compute Gross National Product \(GNP\) and finally express \(GNP\) as a percentage of \(GDP\). Give the percentage to one decimal place.
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About This Question
This is Neco 2024 Economics Question 3. It is one of the objective questions from the 2024 Neco Economics examination.
Difficulty level: Medium .
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