JAMB - Economics (1992 - No. 33)
\(\begin{array}{c|c}
& \text{Year 1} & \text{Year 2} \\
\hline
\text{GNP at current prices(NM)} & 20,000 & 27,000 \\ \hline
\text{Population(Million)} & 20 & 24 \\
\end{array}\)
What is the percentage increase in GNP between year 1 and year 2?
& \text{Year 1} & \text{Year 2} \\
\hline
\text{GNP at current prices(NM)} & 20,000 & 27,000 \\ \hline
\text{Population(Million)} & 20 & 24 \\
\end{array}\)
What is the percentage increase in GNP between year 1 and year 2?
3.5.0%
14.0%
20.0%
35.0%
Explanation
Percentage Increase in GNP between year 1 and year 2 = \(\frac{\text{GNP in year two - GNP in year one}}{\text{GNP in year one}}\) x 100 = \(\frac{27000 - 20,000}{20,000}\) x 100 = 35%
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