Neco 2019 Economics Question 25

Practice objective / multiple choice question 25 from the 2019 Neco Economics examination.

Neco 2019 Economics Objective / Multiple Choice Medium Difficulty
Question 25 NECO • 2019 • ECONOMICS • objective

The world price of a good is ₦150 per unit. Country Y imposes a specific tariff of ₦30 per unit. Domestic demand is \( Q_{d}=800-2P \) and domestic supply is \( Q_{s}=3P-150 \), where \( P \) is the domestic price inclusive of the tariff. Find the quantity of imports after the tariff is applied and the government's tariff revenue (in ₦).

Answer Options

A. Imports = 60 units, Revenue = ₦1,800
B. Imports = 40 units, Revenue = ₦1,200
C. Imports = 70 units, Revenue = ₦2,100
Correct Answer D. Imports = 50 units, Revenue = ₦1,500
Correct Answer
D
Correct Option:
Imports = 50 units, Revenue = ₦1,500

About This Question

This is Neco 2019 Economics Question 25. It is one of the objective questions from the 2019 Neco Economics examination.

Difficulty level: Medium .

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