Neco Model Questions Vol1 2022 Economics Question 33
Practice objective / multiple choice question 33 from the 2022 Neco Model Questions Vol1 Economics examination.
A government's revenue each year equals 15 % of that year's GDP, while its expenditure equals 20 % of GDP plus a constant ₦2 billion. GDP grows at 5 % per year. At the start of 2000 the GDP was ₦200 billion and the public debt was ₦50 billion. Assuming the deficit each year is added to the debt, what is the debt‑to‑GDP ratio at the end of year 3 (i.e., after three full years), expressed as a percentage to one decimal place?
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About This Question
This is Neco Model Questions Vol1 2022 Economics Question 33. It is one of the objective questions from the 2022 Neco Model Questions Vol1 Economics examination.
Difficulty level: Medium .
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