Neco 2025 Economics Question 7

Practice essay / theory question 7 from the 2025 Neco Economics examination. This question covers National Income Accounting, GDP, GNP, NNP, National Income .

Neco 2025 Economics Essay / Theory

Topics: National Income Accounting GDP GNP NNP National Income

Question 7 NECO • 2025 • ECONOMICS • essay

The following macro‑economic data are for Country X for the year 2024 (all figures are in ₦ billions): - Consumption (C) = 2,500 - Investment (I) = 800 - Government expenditure (G) = 1,200 - Exports (X) = 600 - Imports (M) = 500 - Indirect taxes (T) = 300 - Subsidies (S) = 100 - Depreciation (D) = 250 - Net factor income from abroad (NFIA) = 150 - Statistical discrepancy = 50 Using this information, answer the questions that follow.

Question Parts

( a )

Calculate the Gross Domestic Product (GDP) at market price.

( b )

Determine the Gross National Product (GNP).

( c )

Find the Net National Product (NNP).

( d )

Calculate the National Income (NI) for the year.

( e )

Explain, with reference to the formula used, how an increase in indirect taxes, holding all other variables constant, would affect National Income and the distribution of income in the economy.

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About This Question

This is Neco 2025 Economics Question 7. It is one of the essay questions from the 2025 Neco Economics examination.

The question covers National Income Accounting, GDP, GNP, NNP, National Income .

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