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WAEC Economics 2016 Objective — Question 33

Question 33 of 50 from the West African Examinations Council (WAEC) Economics 2016 Objective paper, with the correct answer and a full explanation.

33. The difference between GDP and GNP is (a) consumption of fixed capital (b) indirect business tax (c) net factor income from abroad (d) public transfer payments

A. consumption of fixed capital
B. indirect business tax
C. net factor income from abroadCorrect
D. public transfer payments

Explanation

GNP = GDP + FIFAn, where FIFAn = Net factor income from abroad.

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