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UI Post-UTME Economics 2025 (Model questions) Question 23

Question 23

National Income

The following data is available for an economy: Consumption: ₦600bn Investment: ₦150bn Government expenditure: ₦200bn Exports: ₦180bn Imports: ₦130bn. Which of the following are CORRECT?
I. GDP = ₦1,000bn
II. Net exports = ₦50bn
III. The economy has a trade surplus
IV. GDP = ₦950bn

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

Answer: A (I, II and III only)

Explanation

Net exports = 180 − 130 = ₦50bn, a surplus. GDP = 600 + 150 + 200 + 50 = ₦1,000bn, so IV is wrong.