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JAMB Economics 1992 Question 42

Question 42

National Income

Year 1: GNP at current prices N20,000m; population 20 million
Year 2: GNP at current prices N27,000m; population 24 million
Calculate the GNP per head of the population in year 1 and year 2.

  1. A.N2000.00; N1000.00
  2. B.N1125.00; N2000.00
  3. C.N1000.00; N2000.00
  4. D.N1000.00; N1125.00
Show the answer and explanation

Answer: D (N1000.00; N1125.00)

Explanation

Year 1: 20,000m ÷ 20m = N1,000. Year 2: 27,000m ÷ 24m = N1,125.