WAEC - Economics (2009 - No. 34)
Use the information below to answer these questions
Depreciation = $40,000
Gross Domestic Product = $100,000
Factor Payments to Foreigners = $20,000
Factor Receipts from Abroad = $25,000
The Gross National Product is equal to
Depreciation = $40,000
Gross Domestic Product = $100,000
Factor Payments to Foreigners = $20,000
Factor Receipts from Abroad = $25,000
The Gross National Product is equal to
$40,000
$50,000
$105,000
$125,000
Explanation
GNP = GDP + Factor Receipts from Abroad − Factor Payments to Foreigners
Given: GDP = $100,000
Factor Receipts from Abroad = $25,000
Factor Payments to Foreigners = $20,000
GNP = 100000 + 25000 - 20000 = $105, 000
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