If a basket of commodities cost N120 in the base year and N240 in the current year, calculate the price index
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Correct Answer: Option B
Explanation:
Price index is gotten by diving the current market price by the base year price. Hence we have;
Price index = \(\frac{240}{120}\) x 100 = 200
Price index is gotten by diving the current market price by the base year price. Hence we have;
Price index = \(\frac{240}{120}\) x 100 = 200