AdmitMe
All subjects

JAMB and WAEC Economics questions: National income

36 questions with answers and explanations. Tap an option to check yourself.

AllJAMBWAEC
All topicsAgriculture in Nigeria · 30Business organisations · 29Economic growth and development · 30Economic systems · 28Economics as a science · 30Factors of production · 28Financial institutions · 30Industry and industrialisation · 30International economic organisations · 29International trade · 32Market structures · 31Methods and tools of economic analysis · 29Money and inflation · 34National income · 36Natural resources and the Nigerian economy · 30Population · 30Public finance · 31The labour market · 31Theory of consumer behaviour · 30Theory of costs and revenue · 33Theory of demand · 43Theory of price determination · 30Theory of production · 29Theory of supply · 32

  1. Question 1· National income· JAMB

    Gross National Product (GNP) is equal to

    Explanation and discussion

  2. Question 2· National income· JAMB

    Leakages from the circular flow include

    Explanation and discussion

  3. Question 3· National income· WAEC

    Gross Domestic Product measures the total value of goods and services produced

    Explanation and discussion

  4. Question 4· National income· JAMB

    Nominal national income rises from ₦100 bn to ₦120 bn while the price index rises from 100 to 110. Real national income in the second year is about

    Explanation and discussion

  5. Question 5· National income· JAMB

    If the marginal propensity to save is 0.25, the investment multiplier is

    Explanation and discussion

  6. Question 6· National income· JAMB

    With a multiplier of 4, an increase in investment of ₦10 billion raises national income by

    Explanation and discussion

  7. Question 7· National income· WAEC

    Per capita income is

    Explanation and discussion

  8. Question 8· National income· WAEC

    Transfer payments such as pensions are excluded from national income because

    Explanation and discussion

  9. Question 9· National income· WAEC

    National income per capita is obtained by dividing national income by the

    Explanation and discussion

  10. Question 10· National income· WAEC

    Net national product is GNP minus

    Explanation and discussion

  11. Question 11· National income· WAEC

    Gross National Product equals Gross Domestic Product plus

    Explanation and discussion

  12. Question 12· National income· JAMB

    If the marginal propensity to save is 0.2, the multiplier is

    Explanation and discussion

  13. Question 13· National income· JAMB

    A country has a national income of ₦200 billion and a population of 40 million. Find its per capita income.

    Explanation and discussion

  14. Question 14· National income· WAEC

    National income figures may understate welfare because they exclude

    Explanation and discussion

  15. Question 15· National income· JAMB

    If the marginal propensity to consume is 0.8, the value of the investment multiplier is

    Explanation and discussion

  16. Question 16· National income· JAMB

    Using the expenditure method, national income is measured as

    Explanation and discussion

  17. Question 17· National income· WAEC

    The multiplier is larger when the marginal propensity to consume is

    Explanation and discussion

  18. Question 18· National income· JAMB

    Injections into the circular flow include

    Explanation and discussion

  19. Question 19· National income· WAEC

    GNP is ₦800 billion and depreciation is ₦50 billion. Find the Net National Product.

    Explanation and discussion

  20. Question 20· National income· WAEC

    GDP at market prices minus indirect taxes plus subsidies equals

    Explanation and discussion

Practise Economics like the real exam. A timed CBT, your score, and the topics to fix.

Start a Economics test