WAEC Economics 2015 Objective — Question 33
Question 33 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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In national income accounting, the term net is used to indicate that a value
- A. includes income of foreigners
- B. excludes income of citizens
- C. includes depreciation
- D. excludes depreciationCorrect
Explanation
'Net' in national income accounting means depreciation has been subtracted/excluded, e.g. Net National Product = GNP minus depreciation.
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