Question: The value of plant and equipment worn out in the process of manufacturing goods and services is measured by
Answer: Depreciation

Question: Microeconomics is the study of individual economic units of an economy whereas macroeconomics is the study of of an economy as a whole.
Answer: aggregates

Question: If a tailor buys cloth for N10,000 and thread for N1,000 and uses them to produce and sell N25,000 worth of dresses to consumers, the contribution to GDP is
Answer: N25,000

Question: Gross Domestic Product is the sum of the market value of the
Answer: Final goods and services.

Question: Gross Domestic Product can be measured as the sum of
Answer: Consumption, investment, government purchases, and net exports

Question: Which of the following can be excluded from Nigeria GDP for 2020? The sale of would be
Answer: A home built in 2019 by Brains and Harmers at Lugbe and first sold in 2020.

Question: Real GDP is measured in prices while nominal GDP measured in prices.
Answer: base year; current year

Question: An example of a transfer payment is
Answer: Unemployment benefits

Question: Nigeria Gross Domestic Product (in contrast to Gross National Product) measures the production and income of
Answer: People and factories located within the borders of the Nigeria.

Question: For an economy as a whole, income equals expenditure because the income of the seller must be equal to the expenditure of the buyer.
Answer: TRUEY

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