Waec Model Questions Vol1 2018 Economics Question 29
Practice objective / multiple choice question 29 from the 2018 Waec Model Questions Vol1 Economics examination.
In year 1 the nominal GDP of an economy is ₦5,000 billion and the Consumer Price Index (CPI) is 120 (base year = 100). In year 2 nominal GDP rises to ₦5,500 billion and CPI rises to 126. (a) Calculate the real GDP growth rate from year 1 to year 2 (expressed to one decimal place). (b) If the potential real‑GDP growth rate is 3 %, does the economy have an inflationary gap, a deflationary gap, or is it at equilibrium?
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About This Question
This is Waec Model Questions Vol1 2018 Economics Question 29. It is one of the objective questions from the 2018 Waec Model Questions Vol1 Economics examination.
Difficulty level: Medium .
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