Neco Model Questions Vol1 2022 Commerce Question 2

Practice essay / theory question 2 from the 2022 Neco Model Questions Vol1 Commerce examination. This question covers Trade .

Neco Model Questions Vol1 2022 Commerce Essay / Theory
Topic: Trade
Question 2 NECO_MODEL_QUESTIONS_VOL1 • 2022 • COMMERCE • essay

Nigeria imports wheat and exports cocoa. The following data apply for a particular year: - Wheat import price: $0.50 per kg - Cocoa export price: $2.00 per kg - Wheat imported: 1,200,000 kg - Cocoa exported: 300,000 kg - A 10 % tariff is imposed on wheat imports. - The government gives a 5 % export rebate on cocoa. - Exchange rate: ₦410 per US$1.

Question Parts

( a )
Calculate the total value in Naira of wheat imports before the tariff and after the tariff is applied.
( b )
Calculate the total value in Naira of cocoa exports after the 5 % export rebate is received.
( c )
Determine Nigeria's trade balance (in Naira) for wheat and cocoa combined.

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About This Question

This is Neco Model Questions Vol1 2022 Commerce Question 2. It is one of the essay questions from the 2022 Neco Model Questions Vol1 Commerce examination.

The question covers Trade .

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