Neco Model Questions Vol1 2021 Economics Question 47
Practice objective / multiple choice question 47 from the 2021 Neco Model Questions Vol1 Economics examination.
In 2020 the average nominal monthly wage was ₦50,000 and the consumer price index (CPI) was 100. Inflation was 8 % from 2020 to 2021 and 6 % from 2021 to 2022. The nominal wage increased by 10 % in 2021 and by \(x\)% in 2022. Determine the value of \(x\) (to one decimal place) that will keep the real wage in 2022 equal to the real wage in 2020.
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About This Question
This is Neco Model Questions Vol1 2021 Economics Question 47. It is one of the objective questions from the 2021 Neco Model Questions Vol1 Economics examination.
Difficulty level: Medium .
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