Post Utme Uniben 2024 Economics Question 15
Practice objective / multiple choice question 15 from the 2024 Post Utme Uniben Economics examination.
A country's inflation rate is given by the following equation: \pi = \( M/P \) \cdot \( 1 + r \), where \pi is the inflation rate, M is the money supply, P is the price level, and r is the interest rate. If the current money supply is $100 billion, the price level is $500, and the interest rate is 5%, calculate the inflation rate.
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About This Question
This is Post Utme Uniben 2024 Economics Question 15. It is one of the objective questions from the 2024 Post Utme Uniben Economics examination.
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