Neco Model Questions Vol1 2022 Economics Question 26
Practice objective / multiple choice question 26 from the 2022 Neco Model Questions Vol1 Economics examination.
Country X exported goods worth \(\$120\) million and imported goods worth \(\$150\) million in 2021 when the exchange rate was \(\text{₦}400\) per US\$. In 2022 the exchange rate appreciated to \(\text{₦}350\) per US\$, exports increased by 10\% and imports fell by 5\% (both measured in US\$). Calculate the change in the trade balance in Naira from 2021 to 2022 and state whether the balance improved or worsened.
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About This Question
This is Neco Model Questions Vol1 2022 Economics Question 26. It is one of the objective questions from the 2022 Neco Model Questions Vol1 Economics examination.
Difficulty level: Medium .
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