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JAMB Economics 1992 Question 41

Question 41

National Income

Year 1: GNP at current prices N20,000m; population 20 million
Year 2: GNP at current prices N27,000m; population 24 million
What is the percentage increase in GNP between year 1 and year 2?

  1. A.3.5%
  2. B.14.0%
  3. C.20.0%
  4. D.35.0%
Show the answer and explanation

Answer: D (35.0%)

Explanation

Increase = 27,000 − 20,000 = 7,000; 7,000 ÷ 20,000 × 100 = 35%.