Neco 2017 Economics Question 28
Practice objective / multiple choice question 28 from the 2017 Neco Economics examination.
A product cost ₦5 000 at the beginning of year 1. The economy experiences inflation rates of 8 % in year 1, 12 % in year 2 and 5 % in year 3. Assuming the product price follows these rates, how much must the consumer have at the beginning of year 4 to purchase the same product? Also compute the average annual inflation rate over the three‑year period (geometric mean, expressed to two decimal places).
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About This Question
This is Neco 2017 Economics Question 28. It is one of the objective questions from the 2017 Neco Economics examination.
Difficulty level: Medium .
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