Neco Model Questions Vol1 2023 Economics Question 40
Practice objective / multiple choice question 40 from the 2023 Neco Model Questions Vol1 Economics examination.
Using the income approach, national income data for a year are: wages = ₦500 million, rent = ₦120 million, interest = ₦80 million, profits = ₦300 million, indirect taxes net of subsidies = ₦150 million, depreciation = ₦70 million. Net factor income from abroad is -₦40 million. Calculate (a) the Gross Domestic Product (GDP) and (b) the Gross National Product (GNP).
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About This Question
This is Neco Model Questions Vol1 2023 Economics Question 40. It is one of the objective questions from the 2023 Neco Model Questions Vol1 Economics examination.
Difficulty level: Medium .
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