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UI Post-UTME Economics 2025 (Model questions) Question 12

Question 12

National Income

A country has the following national income data: GDP at market prices: ₦800bn, Indirect taxes: ₦60bn, Subsidies: ₦20bn, Net property income from abroad: ₦30bn, Depreciation: ₦50bn. Which of the following are CORRECT?
I. GDP at factor cost = ₦760bn
II. GNP at market prices = ₦830bn
III. NNP at market prices = ₦780bn
IV. GDP at factor cost = ₦840bn

  1. A.I, II and III only
  2. B.II and IV only
  3. C.I and III only
  4. D.III and IV only
Show the answer and explanation

Answer: A (I, II and III only)

Explanation

GDP at factor cost = 800 − 60 + 20 = ₦760bn. GNP = 800 + 30 = ₦830bn. NNP = 830 − 50 = ₦780bn. So IV is wrong.