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WAEC Economics 2015 Question 31

Question 31

National Income

The difference between the gross domestic product (GDP) and gross national product (GNP) is

  1. A.depreciation.
  2. B.transfer payment.
  3. C.net income from abroad.
  4. D.direct taxes.
Show the answer and explanation

Answer: C (net income from abroad.)

Explanation

GNP = GDP + net factor income from abroad.