Post Utme Coal City University 2019 Economics Question 32

Practice objective / multiple choice question 32 from the 2019 Post Utme Coal City University Economics examination.

Post Utme Coal City University 2019 Economics Objective / Multiple Choice
Question 32 POST_UTME_COAL_CITY_UNIVERSITY • 2019 • ECONOMICS • objective

A country's GDP is 100 billion naira. The government decides to increase the price of a product by 20%. If the price elasticity of demand is -2, what is the percentage change in the quantity demanded?

Answer Options

A. -10%
Correct Answer B. -20%
C. -30%
D. -40%
Correct Answer
B
Correct Option:
-20%

About This Question

This is Post Utme Coal City University 2019 Economics Question 32. It is one of the objective questions from the 2019 Post Utme Coal City University Economics examination.

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