WAEC Economics 2024 Paper

Concept:Per capita income is the average income earned by one person in a country in a given period.It is found by dividing the total national income by the total population.Explanation:From the table, identify the Gross National Product and the total population.The formula for per capita income is:$$\text{Per capita income} = \frac{\text{Gross National Product}}{\text{Population}}$$Using the values in the table:$$\text{Gross National Product} = \$400 \text{ million}$$$$\text{Population} = 25 \text{ million}$$Substitute these values into the formula:$$\text{Per capita income} = \frac{\$400 \text{ million}}{25 \text{ million}} = \$16$$Therefore, on average, each person receives $\$16$ of the national output.Answer:C. $\$16$.