Neco Model Questions Vol1 2019 Economics Question 3
Practice objective / multiple choice question 3 from the 2019 Neco Model Questions Vol1 Economics examination.
A country's export price index rises from 100 to 130, while its import price index falls from 100 to 90. The terms of trade (TOT) are defined as the ratio of the export price index to the import price index. Determine the percentage change in the terms of trade and state whether the country's terms of trade have improved or deteriorated.
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About This Question
This is Neco Model Questions Vol1 2019 Economics Question 3. It is one of the objective questions from the 2019 Neco Model Questions Vol1 Economics examination.
Difficulty level: Medium .
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