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WAEC Economics 1988 Question 8

Question 8

National Income

P = Population
GNP = Gross National Product
GDP = Gross Domestic Product
NI = National Income
From the above, the formula for calculating Real Per Capita Income is

  1. A.NI/P
  2. B.GDP/P
  3. C.P/GDP
  4. D.GNP/P
  5. E.P/GNP
Show the answer and explanation

Answer: D (GNP/P)

Explanation

Per capita income is the national output divided by the population; the key uses GNP ÷ P.