Neco 2024 Economics Question 50

Practice objective / multiple choice question 50 from the 2024 Neco Economics examination.

Neco 2024 Economics Objective / Multiple Choice Medium Difficulty
Question 50 NECO • 2024 • ECONOMICS • objective

The following aggregate income data (in billions of naira) are recorded for a year: Compensation of employees = 500, Gross operating surplus = 200, Gross mixed income = 150, Taxes on production and imports = 80, Subsidies = 20, Net factor income from abroad = -30, Depreciation = 70, Statistical discrepancy = 10. (a) Compute Gross Domestic Product (GDP) at market prices. (b) Determine Net National Product (NNP) at factor cost. (c) If personal taxes amount to 120 and government transfers total 90, find personal disposable income.

Answer Options

Correct Answer A. GDP=910, NNP (factor cost)=750, Personal disposable income=720
B. GDP=950, NNP (factor cost)=800, Personal disposable income=770
C. GDP=900, NNP (factor cost)=740, Personal disposable income=710
D. GDP=910, NNP (factor cost)=730, Personal disposable income=700
Correct Answer
A
Correct Option:
GDP=910, NNP (factor cost)=750, Personal disposable income=720

About This Question

This is Neco 2024 Economics Question 50. It is one of the objective questions from the 2024 Neco Economics examination.

Difficulty level: Medium .

View More Neco 2024 Economics Questions More Neco Practice Questions Back to Questions

Master the Exam!

You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.

Unlock Full Access Available for Android & Windows
Chat with Support