Neco Model Questions Vol1 2023 Economics Question 23

Practice objective / multiple choice question 23 from the 2023 Neco Model Questions Vol1 Economics examination.

Neco Model Questions Vol1 2023 Economics Objective / Multiple Choice Hard Difficulty
Question 23 NECO_MODEL_QUESTIONS_VOL1 • 2023 • ECONOMICS • objective

Between Year 0 and Year 5, Country A's real GDP increased from ₦1,200 billion to ₦1,560 billion, while its population grew from 30 million to 33 million. (i) Calculate the average annual real GDP growth rate (compound). (ii) Calculate the average annual population growth rate (compound). (iii) Determine the average annual per‑capita real GDP growth rate. (iv) The government aims for per‑capita income to grow by at least 3 % per year. Based on the computed per‑capita growth rate, does the country meet this target?

Answer Options

Correct Answer A. i) 5.39 % per year, ii) 1.93 % per year, iii) 3.38 % per year, iv) Yes, the target is met
B. i) 5.39 % per year, ii) 1.50 % per year, iii) 3.89 % per year, iv) Yes, the target is met
C. i) 6.00 % per year, ii) 1.93 % per year, iii) 4.07 % per year, iv) No, the target is not met
D. i) 5.00 % per year, ii) 2.00 % per year, iii) 3.00 % per year, iv) No, the target is not met
Correct Answer
A
Correct Option:
i) 5.39 % per year, ii) 1.93 % per year, iii) 3.38 % per year, iv) Yes, the target is met

About This Question

This is Neco Model Questions Vol1 2023 Economics Question 23. It is one of the objective questions from the 2023 Neco Model Questions Vol1 Economics examination.

Difficulty level: Hard .

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