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WAEC Economics 2024 Question 33

Question 33

National Income

Use the table below to answer the question.
Gross National Product | $400 m
Depreciation | $100 m
Total population | 25 m
The value of Net National Product is

  1. A.$100 m.
  2. B.$275 m.
  3. C.$300 m.
  4. D.$500 m.
Show the answer and explanation

Answer: C ($300 m.)

Explanation

NNP = GNP − depreciation = 400 − 100 = $300 m.