passwella.
Menu

JAMB Economics 1998 Question 39

Question 39

National Income

If a country's national income increased from ₦1000 billion to ₦1100 billion over a period of 2 years, what was the average annual rate of growth of national income over the period?

  1. A.5%
  2. B.15%
  3. C.20%
  4. D.100%
Show the answer and explanation

Answer: A (5%)

Explanation

Total growth = (1100 − 1000)/1000 × 100 = 10% over 2 years, so the average is 10 ÷ 2 = 5% a year.