Waec Model Questions Vol1 2021 Economics Question 1
Practice objective / multiple choice question 1 from the 2021 Waec Model Questions Vol1 Economics examination.
The government launches a development programme that raises total real GDP by 10 % at the end of year 3. The economy initially has a real per‑capita GDP of ₦500,000. Real GDP grows at 4 % per annum and the population grows at 2 % per annum. Assuming the programme's boost is a one‑time increase to total GDP (population unchanged at that moment) and that the growth rates continue unchanged thereafter, what is the real per‑capita GDP at the end of year 5? Express your answer in Naira, rounded to the nearest hundred.
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About This Question
This is Waec Model Questions Vol1 2021 Economics Question 1. It is one of the objective questions from the 2021 Waec Model Questions Vol1 Economics examination.
Difficulty level: Hard .
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