JAMB Economics 2012 Objective — Question 31
Question 31 of 50 from the Joint Admissions and Matriculation Board (JAMB) Economics 2012 Objective paper, with the correct answer and a full explanation.
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The price index is calculated as
- A. (Price in the current year/Price in the base year) × 100
- B. (Price in the base year/Price in the current year) × 100Correct
- C. (Quantity in the current year/Quantity in the base year) × 100
- D. Price in current year minus price in base year
Explanation
The price index is calculated as [Price in the current year/Price in the base year]×100. Given the example figures = (240/120)×100 = 200.
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