If national income is ₦500 billion and population is 50 million, per capita income is:
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Correct Answer: Option A
Explanation:
Formula:<br/>Per Capita Income = National Income ÷ Population ₦500 billion ÷ 50 million<br/>= ₦10,000 This means the average income per person is ₦10,000.
Formula:<br/>Per Capita Income = National Income ÷ Population ₦500 billion ÷ 50 million<br/>= ₦10,000 This means the average income per person is ₦10,000.