Waec Model Questions Vol1 2017 Economics Question 50

Practice objective / multiple choice question 50 from the 2017 Waec Model Questions Vol1 Economics examination.

Waec Model Questions Vol1 2017 Economics Objective / Multiple Choice Medium Difficulty
Question 50 WAEC_MODEL_QUESTIONS_VOL1 • 2017 • ECONOMICS • objective

In 2019 a country produced 2 million units of Good A at a price of ₦500 each and 3 million units of Good B at a price of ₦200 each. In 2020 production changed to 2.2 million units of A and 3.3 million units of B, while the prices became ₦550 for A and ₦210 for B. Using 2019 as the base year, calculate (a) the nominal GDP for 2019 and 2020, (b) the real GDP for 2020 (valued at 2019 prices), and (c) the real GDP growth rate from 2019 to 2020 (in percent).

Answer Options

A. Nominal GDP 2019 = ₦1.6 billion; Nominal GDP 2020 = ₦1.85 billion; Real GDP 2020 = ₦1.70 billion; Real GDP growth = 6 %
B. Nominal GDP 2019 = ₦1.5 billion; Nominal GDP 2020 = ₦1.903 billion; Real GDP 2020 = ₦1.76 billion; Real GDP growth = 12 %
C. Nominal GDP 2019 = ₦1.6 billion; Nominal GDP 2020 = ₦1.903 billion; Real GDP 2020 = ₦1.80 billion; Real GDP growth = 13 %
Correct Answer D. Nominal GDP 2019 = ₦1.6 billion; Nominal GDP 2020 = ₦1.903 billion; Real GDP 2020 = ₦1.76 billion; Real GDP growth = 10 %
Correct Answer
D
Correct Option:
Nominal GDP 2019 = ₦1.6 billion; Nominal GDP 2020 = ₦1.903 billion; Real GDP 2020 = ₦1.76 billion; Real GDP growth = 10 %

About This Question

This is Waec Model Questions Vol1 2017 Economics Question 50. It is one of the objective questions from the 2017 Waec Model Questions Vol1 Economics examination.

Difficulty level: Medium .

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