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WAEC Economics 2023 Question 34

Question 34

National Income

The Net National Product (NNP) of a country is $50m while the depreciation allowance is $10m. The Gross National Product (GNP) is

  1. A.$30m.
  2. B.$40m.
  3. C.$60m.
  4. D.$500m.
Show the answer and explanation

Answer: C ($60m.)

Explanation

GNP = NNP + depreciation = 50 + 10 = $60m.