WAEC Economics 2022 Paper

Concept:Wear and tear of assets is called depreciation, and subtracting it from GNP gives Net National Product.Explanation:Provision for wear and tear of assets is the capital consumption allowance, i.e. depreciation.Gross National Product minus depreciation = Net National Product.So, $GNP - \text{Depreciation} = NNP$.Therefore, the correct option is net national product.Answer:C. Net national product