Waec Model Questions Vol1 2017 Commerce Question 2

Practice essay / theory question 2 from the 2017 Waec Model Questions Vol1 Commerce examination. This question covers Trade .

Waec Model Questions Vol1 2017 Commerce Essay / Theory

Topic: Trade

Question 2 WAEC_MODEL_QUESTIONS_VOL1 • 2017 • COMMERCE • essay

The table below shows Nigeria’s export and import of two major commodities over the period 2020‑2023. | Year | Export Quantity (million tonnes) | Export Price (₦ per tonne) | Import Quantity (million tonnes) | Import Price (₦ per tonne) | |------|----------------------------------|----------------------------|----------------------------------|----------------------------| | 2020 | 2.5 | 250 | 1.2 | 300 | | 2023 | 3.0 | 260 | 1.5 | 320 | Using this information, answer the following questions:

Question Parts

( a )

Calculate the total export revenue and total import expenditure for each year.

( b )

Determine the average annual growth rate (compound) of export revenue and import expenditure between 2020 and 2023.

( c )

Compute the terms of trade for each year (expressed as a percentage) and comment on the trend observed.

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About This Question

This is Waec Model Questions Vol1 2017 Commerce Question 2. It is one of the essay questions from the 2017 Waec Model Questions Vol1 Commerce examination.

The question covers Trade .

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