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JAMB Economics 1984 Question 4

Question 4

National Income

The production within the domestic territory of a country is called the

  1. A.net national product
  2. B.gross domestic product
  3. C.net income
  4. D.disposable income
  5. E.gross national product.
Show the answer and explanation

Answer: B (gross domestic product)

Explanation

GDP is the value of all goods and services produced inside a country's borders, whoever owns the factors.