National Income Generix Content - National Income
HOME

EXAMS

JAMB

WAEC

CONTENTS

SIGN IN

JOIN NOW
"National Income" question number distribution across years
loading...
Search "National Income" on the following sites online
 
Economics index on skoool nigeria
 
WAEC questions for "Economics :: National Income"
Q1

The relationship between Marginal Product (MP) and Average Product (AP) is such that they are equal when

A

Average Product is maximum

B

Average Product is minimum

C

Marginal Product is maximum

D

Maximum Product is increasing

E
Q2

Disposable income is total income

A

less tax

B

divided by tax

C

plus tax

D

multiplied by tax

E
Q3

The Gross National Product is equal to

A

$40,000

B

$50,000

C

$105,000

D

$125,000

E
Q4

The National Income is equal to

A

$45,000

B

$60,000

C

$65,000

D

$195,000

E
Q5

The Net Domestic Product is

A

$55,000

B

$60,000

C

$140,000

D

$165,000

E
Q6

The national income of a country ca be estimated through the

A

output approach

B

input approach

C

empirical approach

D

census approach

E
Q7

The Gross Domestic Product (GDP) is equal to 

A

$825m

B

$925m

C

$940m

D

$950m

E
Q8

The net capital formation is

A

$115m

B

$125m

C

$915m

D

$925m

E
Q9

The Net National Product (NNP) is Gross National Product (GNP) less

A

domestic product

B

foreign product

C

depreciation

D

investment

E
Q10

If the population of a country is low and the Gross National Product is high, the per capita income will be

A

high

B

low

C

average

D

unitary

E
Q11

The population of a country in a certain year was fifty million and the per capita income was $2050. What was the national income?

A

$750,000 million

B

$ 100,250 million

C

$ 102,500 million

D

$125,050 million

E
Q12

The difference between the Gross National Product (GNP) and the Gross Domestic Product (GDP) is

A

total investment payment

B

net income generated internally

C

total national savings

D

net income from aboard

E
Q13

In calculating the national income of a country x, the cost of both raw materials and the finished products were included. This case of

A

double counting

B

price fluctuations 

C

price differentiation

D

price discrimination

E
Q14

The national income of a country can by estimated by the

A

cost-benefit method

B

distribution method

C

expenditure method

D

consumption method

E
Q15

Which of the following is excluded when estimating national income? 

A

Dividend

B

Wages and salaries

C

Transfer' payments

D

Profits

E
Q16

It is necessary to estimate the national income of a country because it

A

indicates the overall performance of the economy

B

ensures equitable distribution of wealth

C

assists investors in identifying ventures 

D

enables government conserve national resources

E
Q17

Gross Domestic Product (GDP) at market prices plus net factor income from aboard gives

A

gross capital formation

B

net capital formation

C

disposable income

D

gross national product

E
Q18
Per Capita income in any West Africa country is measured by
A
dividing the GNP by total population
B
adding the total saving to the GNP
C
multiplying the GNP by total population
D
subtracting GNP from the GDP
E
Q19
Gross National Product (GNP) less depreciation is known as
A
Gross Domestic Product
B
Gross National Income
C
Fixed National Product
D
Net National Product
E
Q20
Which of the following is a factor affecting the size of national income?
A
Size of the active population
B
Taste of the consumers
C
Number of registered trade unions
D
Credit-worthiness of the neighbouring countries
E
Regularity of payment of national debt
Q21
The actual output of an economy is the output
A
which would exist if all resources were fully employed
B
produced by currently employed labour, capital and land
C
produced in the consumer goods sector
D
produced in the capital goods sector
E
produced by the agriculture sector
Q22
In calculating the Gross National Product (GNP) by the income approach, all the following are included except
A
wages and salaries
B
direct taxes paid by persons and companies
C
rent on houses
D
retirement benefits
E
business profits
Q23
Net National Product (NNP) is equal to the
A
Gross Domestic Product (GDP) less depreciation
B
Gross National Product (GNP) less depreciation
C
Gross Domestic Product (GDP) plus depreciation
D
Gross National Product (GNP) plus depreciation
E
Gross National Product (GNP) plus Taxation
Q24

The difference between the Gross Domestic Product (GDP) and the Gross National Product (GNP) is the

A

allowance for total depreciation

B

total interest payment

C

net income from abroad

D

total tax and interest payments

E

net internally generated income

Q25

The magnitude of the national income of a country depends on all the following except the

A

quantity of natural resources available

B

level of technical know-how

C

mobility of labour

D

level of productivity

E

quality and quantity of factors of production

Q26

Which of the following would increase the GNP of an economy?

A

Increased government expenditure on the salary of civil servants

B

An increase in the production of the productively employed population

C

A decrease in the rate of Unemployment

D

A decrease in output per worker

E

An increase in the population dependency ratio

Q27

Which of the following items is not included in measuring national income by the income approach?

A

Wages and salaries of public servants

B

Students' grants and scholarships

C

Profits of companies

D

Income earned by self employed persons such as lawyers

E

Rents on property

Q28

If an economy is growing at an annual rate of 7 % and 4 % of it is known to be due to the improvement in labour and capital combined, the balance of 3 % is usually attributed to

A

land and entrepreneur

B

abundance of natural resources

C

level of hiuman capital

D

technical progress and related factors

E

discipline in political leadership

Q29

Which of the following is not true of capital income?

A

It helps in the assessment of standard of living

B

It is calculated as National Income Population

C

It is calculated as Population National Income

D

It is used by UNO to assess and assist developing countries

E

It is used as one of the indicators of economic growth

Q30

All the following are sources of finance  to a Joint Stock Company except

A

bank loan

B

equity shares

C

debentures

D

preferences shares

E

cooperative thrift

Q31

Which of the following not appropriate in calculating national income figures?

A

Output method

B

Income method

C

Expenditure method

D

Value added method

E

Depreciation method

Q32

Into which of these organisations would you classify the International Monetary Fund (IMF)?

A

Political Organisation

B

Trade Organisation

C

Financial Organisation

D

Social Organisation

E

Commercial Organisation

Q33

P = population, GNP = Gross National Product,  GDP = Gross Domestic Product, NI = National Income. From the above, the formula for calculating Real per Capital income is

A

N I/P

B

GDP/P

C

P/GDP

D

GNP/P

E

P/GNP