JAMB Economics 2019 Paper

Concept:National income at factor cost is obtained by adjusting total expenditure for indirect taxes and capital consumption (depreciation).Explanation:Total expenditure is given as $\text{₤}80,000m$.Indirect taxes amount to $\text{₤}8,000m$.Capital consumption (depreciation) is $\text{₤}6,000m$.To get national income, subtract both indirect taxes and capital consumption from total expenditure.Thus, $N.I = 80,000 - 8,000 - 6,000$.This simplifies to $N.I = 66,000$.Therefore, national income is $\text{₤}66,000m$.Answer:$\text{₤}66,000m$ (Option B).