Neco 2021 Economics Question 27
Practice objective / multiple choice question 27 from the 2021 Neco Economics examination.
Country Y initially exports 200,000 tonnes of cocoa at a world price of \(\$2\) per kilogram and imports 150,000 tonnes of rice at \(\$1\) per kilogram. In the following year the world price of cocoa rises by \(20\%\) while the price of rice rises by \(8\%\). Assuming the quantities exported and imported remain unchanged, determine the percentage change in the terms of trade for Country Y.
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About This Question
This is Neco 2021 Economics Question 27. It is one of the objective questions from the 2021 Neco Economics examination.
Difficulty level: Medium .
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