WAEC Economics 2015 Objective — Question 31
Question 31 of 50 from the West African Examinations Council (WAEC) Economics 2015 Objective paper, with the correct answer and a full explanation.
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The difference between the gross domestic product (GDP) and the gross national product (GNP) is (a) depreciation (b) transfer payment (c) net income from abroad (d) direct taxes
- A. depreciation
- B. transfer payment
- C. net income from abroadCorrect
- D. direct taxes
Explanation
GNP = GDP + net income from abroad (income earned by citizens abroad minus income earned by foreigners domestically); their difference is this net income from abroad.
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