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JAMB Economics 1999 Question 32

Question 32

National Income

No. | Items | Amount (₦m)
1. | Wages | 9000
2. | Salaries | 7000
3. | Government pensions | 1500
4. | Unemployment pay and other social benefits | 1000
5. | Rent and interest | 1500
6. | Profits | 1500
From the table above, calculate the national income.

  1. A.₦18,500m
  2. B.₦19,000m
  3. C.₦19,500m
  4. D.₦20,500m.
Show the answer and explanation

Answer: B (₦19,000m)

Explanation

Pensions and unemployment benefits are transfer payments and are left out. National income = 9000 + 7000 + 1500 + 1500 = ₦19,000m.