Neco Model Questions Vol1 2023 Government Question 50
Practice objective / multiple choice question 50 from the 2023 Neco Model Questions Vol1 Government examination.
Nigeria currently imports goods worth $2.4 billion from Country X and exports goods worth $1.2 billion to Country X, giving a trade deficit of $1.2 billion. A proposed agreement will reduce tariffs on Nigerian exports to X by 20% and increase tariffs on imports from X by 15%. Assuming export values change proportionally with tariff reductions and import values change inversely proportionally with tariff increases, calculate the new trade balance after the tariff changes. State whether Nigeria will have a trade surplus, deficit, or be balanced, and give the numerical balance.
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About This Question
This is Neco Model Questions Vol1 2023 Government Question 50. It is one of the objective questions from the 2023 Neco Model Questions Vol1 Government examination.
Difficulty level: Hard .
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