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WAEC Economics 2021 Question 31

Question 31

National Income

The following data relates to the national income of a country. Use it to answer the question.
Gross domestic product = $2800
Net factor income from abroad = $250
Depreciation = $700
Indirect taxes = $120
What is the country's Gross National Product (GNP)?

  1. A.$3,050
  2. B.$2,680
  3. C.$2,350
  4. D.$2,100
Show the answer and explanation

Answer: A ($3,050)

Explanation

GNP = GDP + net factor income from abroad = 2,800 + 250 = $3,050.