WAEC SSCE - Economics - 2007 (Objective)

Question 1 Report

The population of a country in a certain year was fifty million and her per capita income was $2,050. What was the national income?

$750,000 million

$100,250 million

$102,500 million

$125,050 million

Answer Details

To calculate the national income, we can use the formula: National Income = Per Capita Income x Population Using the information given in the question, we can substitute the values and get: National Income = $2,050 x 50,000,000 National Income = $102,500,000,000 Therefore, the national income of the country in that year was $102,500 million, which is option C in the given choices. In simple terms, we can say that the national income is the total income earned by all the residents of a country, including individuals, businesses, and the government. It is calculated by multiplying the per capita income, which is the average income earned per person, by the total population of the country.






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