Waec Model Questions Vol1 2020 Economics Question 15
Practice objective / multiple choice question 15 from the 2020 Waec Model Questions Vol1 Economics examination.
In a given year the components of aggregate expenditure are: Consumption = ₦800 bn, Investment = ₦200 bn, Government spending = ₦300 bn, Exports = ₦150 bn, Imports = ₦250 bn. The nominal GDP calculated from these figures is therefore ₦1 200 bn. If the GDP deflator for the year is 110 (base year = 100) and the economy's potential GDP is ₦1 150 bn, compute the output gap as a percentage of potential GDP. State the result to one decimal place and indicate whether the gap is inflationary or recessionary.
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About This Question
This is Waec Model Questions Vol1 2020 Economics Question 15. It is one of the objective questions from the 2020 Waec Model Questions Vol1 Economics examination.
Difficulty level: Medium .
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