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Use the information below to answer these questions Depreciation = $40,000 Gross Domestic Product =...

Economics
WAEC 2009

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

  • A. $40,000
  • B. $50,000
  • C. $105,000
  • D. $125,000
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Correct Answer: Option C
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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