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JAMB Economics 2005 Question 12

Question 12

National Income

In a particular year, the sum of the value added in each sector of the economy was N4550 million. The amount represents the GNP measured by the

  1. A.factor-price approach
  2. B.output approach
  3. C.income approach
  4. D.expenditure approach
Show the answer and explanation

Answer: B (output approach)

Explanation

Adding up the value added by every sector of the economy is the output (product) method of measuring national income.