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WAEC Economics 1995 Question 32

Question 32

National Income

Net National Product (NNP) is equal to the

  1. A.Gross Domestic Product (GDP) less depreciation
  2. B.Gross National Product (GNP) less depreciation
  3. C.Gross Domestic Product (GDP) plus depreciation
  4. D.Gross National Production (GNP) plus depreciation
  5. E.Gross National Income plus taxation
Show the answer and explanation

Answer: B (Gross National Product (GNP) less depreciation)

Explanation

NNP = GNP − depreciation (capital consumption).