Neco 2024 Economics Question 35

Practice objective / multiple choice question 35 from the 2024 Neco Economics examination.

Neco 2024 Economics Objective / Multiple Choice Medium Difficulty
Question 35 NECO • 2024 • ECONOMICS • objective

The following aggregate income data (in ₦ million) are recorded for a country in a given year: Compensation of employees = 15 000; Gross operating surplus = 4 500; Gross mixed income = 2 000; Indirect taxes = 3 200; Subsidies = 800; Depreciation (consumption of fixed capital) = 2 500; Net factor income from abroad = ‑300. (i) Compute Gross Domestic Product (GDP) at market prices. (ii) Compute Net National Income (NNI) at factor cost.

Answer Options

A. (i) GDP at market prices = ₦27 000 million; (ii) NNI at factor cost = ₦22 000 million.
Correct Answer B. (i) GDP at market prices = ₦26 400 million; (ii) NNI at factor cost = ₦21 200 million.
C. (i) GDP at market prices = ₦24 800 million; (ii) NNI at factor cost = ₦19 800 million.
D. (i) GDP at market prices = ₦25 400 million; (ii) NNI at factor cost = ₦20 200 million.
Correct Answer
B
Correct Option:
(i) GDP at market prices = ₦26 400 million; (ii) NNI at factor cost = ₦21 200 million.

About This Question

This is Neco 2024 Economics Question 35. It is one of the objective questions from the 2024 Neco Economics examination.

Difficulty level: Medium .

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