From the below table, calculate the Gross National Product.
ECONOMICS
JAMB 2015
From the below table, calculate the Gross National Product.
- A. N70,000
- B. N75,000
- C. N50,000
- D. N60,000
Correct Answer: B. N75,000
Explanation
The formula to calculate the components of GNP is Y = C + I + G + X + Z. That stands for GNP = Consumption + Investment + Government + X (net exports, or imports minus exports) + Z (net income earned by domestic residents from overseas investments - net income earned by foreign residents from domestic investments.) 20000 + 60000 + 10000 - 15000 = 75000
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