Gce Model Questions Vol1 2020 Economics Question 17
Practice objective / multiple choice question 17 from the 2020 Gce Model Questions Vol1 Economics examination.
Country X initially exports wheat at £2 per kg and imports oil at £4 per litre. After a tariff on oil is removed, the world price of oil falls to £3 per litre while the wheat price rises to £2.20 per kg. Calculate the percentage change in the terms of trade (export price index divided by import price index).
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About This Question
This is Gce Model Questions Vol1 2020 Economics Question 17. It is one of the objective questions from the 2020 Gce Model Questions Vol1 Economics examination.
Difficulty level: Medium .
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