Neco 2019 Government Question 33
Practice objective / multiple choice question 33 from the 2019 Neco Government examination.
Country A imposes a tariff of \(t\)% on steel imports from Country B. The world price of steel is \(\$500\) per tonne and Country A imports \(1,000\) tonnes. In addition, Country A gives a subsidy of \(\$15\) per tonne on steel imports. Country B retaliates with a \(5\)% tariff on agricultural imports from Country A, where the world price of the agricultural product is \(\$200\) per tonne and the import quantity is \(1,000\) tonnes. To make the total cost increase for steel imports equal to the increase caused by Country B's tariff, what should be the value of \(t\)? Give \(t\) as a percentage to one decimal place.
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About This Question
This is Neco 2019 Government Question 33. It is one of the objective questions from the 2019 Neco Government examination.
Difficulty level: Hard .
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