GCEEconomicsNational Income2023

a) Distinguish between Gross Domestic Product (GDP) and Gross National Product (GNP). (4 marks) b) Explain THREE reasons why National Income statistics may not be a reliable indicator of the standard of living of citizens in a country. (9 marks) c) Given the following data for a hypothetical economy: - Consumer expenditure: N800 billion - Government expenditure: N350 billion - Gross investment: N250 billion - Exports: N180 billion - Imports: N130 billion - Net income from abroad: N40 billion - Depreciation: N60 billion Calculate: (i) Gross Domestic Product (GDP) (ii) Gross National Product (GNP) (iii) Net National Product (NNP). (6 marks)

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