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WAEC Economics 2007 Question 41

Question 41

National Income

The population of a country in a certain year was fifty million and the per capita income was $2,050. What was the national income?

  1. A.$750,000 million
  2. B.$100,250 million
  3. C.$102,500 million
  4. D.$125,050 million.
Show the answer and explanation

Answer: C ($102,500 million)

Explanation

National income = 50 million × $2,050 = $102,500 million.