Refer to the table below displaying an index of cobalt production for a nation between 2019 and 2022.
| Year | Index of cobalt production (2019=1002019 = 1002019=100) |
|---|---|
| 2019 | 100.0 |
| 2020 | 110.0 |
| 2021 | 120.5 |
| 2022 | 131.5 |
Which one of the following statements is correct?
The rate of growth in the nation's cobalt production was higher in 2022 than in 2021.
In 2021, the nation's cobalt production grew by 10.50%10.50\%10.50%.
The mean annual rate of growth in cobalt production between 2019 and 2022 was 10.50%10.50\%10.50%.
The highest annual rate of growth in cobalt production was recorded in 2020.
187 exam-style questions on AQA A Level Economics 2.1 The measurement of macroeconomic performance, covering 2.1.1 The objectives of government economic policy, 2.1.2 Macroeconomic indicators, 2.1.3 Uses of index numbers, and 2.1.4 Uses of national income data (A-level only). Each one has a worked solution and a mark scheme showing where the marks go.