Post Utme Covenant University 2025 Economics Question 21

Practice objective / multiple choice question 21 from the 2025 Post Utme Covenant University Economics examination.

Post Utme Covenant University 2025 Economics Objective / Multiple Choice
Question 21 POST_UTME_COVENANT_UNIVERSITY • 2025 • ECONOMICS • objective

A country's GDP is 100 billion naira. If the government decides to increase the price of a product by 10% and the demand for the product is inelastic, what will be the effect on the country's GDP?

Answer Options

A. Increase by 10 billion naira
B. Decrease by 10 billion naira
Correct Answer C. No change
D. Increase by 5 billion naira
Correct Answer
C
Correct Option:
No change

About This Question

This is Post Utme Covenant University 2025 Economics Question 21. It is one of the objective questions from the 2025 Post Utme Covenant University Economics examination.

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