Waec Model Questions Vol1 2020 Economics Question 29
Practice objective / multiple choice question 29 from the 2020 Waec Model Questions Vol1 Economics examination.
In a closed economy the following data are recorded for a year: Consumption C = N1,800,000; Investment I = N500,000; Government spending G = N700,000; Exports X = N300,000; Imports M = N200,000; Indirect taxes net of subsidies T = N150,000; Depreciation D = N120,000. Using the expenditure approach, GDP = C + I + G + (X - M). Using the income approach, NI = GDP - D - T. The reported national income is N2,950,000. Calculate the statistical discrepancy and state whether it indicates an under‑estimation or over‑estimation of income.
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About This Question
This is Waec Model Questions Vol1 2020 Economics Question 29. It is one of the objective questions from the 2020 Waec Model Questions Vol1 Economics examination.
Difficulty level: Medium .
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