Neco Model Questions Vol1 2021 Economics Question 49
Practice objective / multiple choice question 49 from the 2021 Neco Model Questions Vol1 Economics examination.
Using the expenditure approach, national income (GDP) is given by \(Y = C + I + G + (X-M)\). The data are: consumption \(C = ₦2,500\), investment \(I = ₦800\), government spending \(G = ₦1,200\), exports \(X = ₦300\). Net exports are known to be -5 % of GDP. Calculate GDP and the value of imports \(M\).
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About This Question
This is Neco Model Questions Vol1 2021 Economics Question 49. It is one of the objective questions from the 2021 Neco Model Questions Vol1 Economics examination.
Difficulty level: Medium .
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