WAEC Economics 2012 Objective — Question 35
Question 35 of 49 from the West African Examinations Council (WAEC) Economics 2012 Objective paper, with the correct answer and a full explanation.
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The national income is the
- A. Gross Domestic Product at market prices
- B. Gross National Product at factor cost
- C. Net National Product at factor costCorrect
- D. Net National Product at market prices
Explanation
National income is the Gross Domestic Product minus depreciation minus net indirect business taxes plus net factor income from abroad. This is equal to what we have in option C — Net National Product at factor cost.
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