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WAEC Economics 2012 Question 35

Question 35

National Income

The national income is the

  1. A.Gross Domestic Product at market prices.
  2. B.Gross National Product at factor cost.
  3. C.Net National Product at factor cost.
  4. D.Net National Product at market prices.
Show the answer and explanation

Answer: C (Net National Product at factor cost.)

Explanation

National income is net national product at factor cost (GNP less depreciation, valued at factor cost).