Neco Model Questions Vol1 2024 Economics Question 7

Practice essay / theory question 7 from the 2024 Neco Model Questions Vol1 Economics examination. This question covers National Income, GDP, GNP, Statistical Discrepancy .

Neco Model Questions Vol1 2024 Economics Essay / Theory

Topics: National Income GDP GNP Statistical Discrepancy

Question 7 NECO_MODEL_QUESTIONS_VOL1 • 2024 • ECONOMICS • essay

The table below shows selected macro‑economic data for Country X for the year 2023 (all values in ₦ billions).

Question Parts

( a )

Calculate the Gross Domestic Product (GDP) of Country X using the expenditure approach.

( b )

Net factor income from abroad (NFIA) for the same year is –₦150 billion. Using this information, determine the Gross National Product (GNP).

( c )

Total factor income (TFI) recorded for 2023 is ₦16,500 billion. Compute the statistical discrepancy and explain briefly what its magnitude indicates about the reliability of the national accounts.

( d )

Discuss two important limitations of using GDP as a measure of the welfare of the people of Country X.

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About This Question

This is Neco Model Questions Vol1 2024 Economics Question 7. It is one of the essay questions from the 2024 Neco Model Questions Vol1 Economics examination.

The question covers National Income, GDP, GNP, Statistical Discrepancy .

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