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Unilorin Post-UTME Economics 2023 (Model questions) Question 1

Question 1

National Income

When Nominal GDP is 2100 and real GDP is 2000, the GDP deflator is ________

  1. A.1.05
  2. B.105
  3. C.100
  4. D.90.91
Show the answer and explanation

Answer: B (105)

Explanation

GDP deflator = nominal GDP ÷ real GDP × 100 = 2100 ÷ 2000 × 100 = 105.