Neco Model Questions Vol1 2023 Economics Question 14
Practice objective / multiple choice question 14 from the 2023 Neco Model Questions Vol1 Economics examination.
Country X's export price index rose from 120 to 150 over a year, while its import price index fell from 110 to 95. The terms of trade (ToT) are defined as the ratio of the export price index to the import price index. Calculate the percentage change in the terms of trade over the year and state whether the ToT improved or deteriorated.
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About This Question
This is Neco Model Questions Vol1 2023 Economics Question 14. It is one of the objective questions from the 2023 Neco Model Questions Vol1 Economics examination.
Difficulty level: Medium .
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