Neco Model Questions Vol1 2024 Commerce Question 2

Practice essay / theory question 2 from the 2024 Neco Model Questions Vol1 Commerce examination. This question covers Balance of payments, Trade balance, Terms of trade, Economic policy .

Neco Model Questions Vol1 2024 Commerce Essay / Theory

Topics: Balance of payments Trade balance Terms of trade Economic policy

Question 2 NECO_MODEL_QUESTIONS_VOL1 • 2024 • COMMERCE • essay

The table below shows Nigeria’s recorded export and import values for three consecutive years. | Year | Exports (₦ billions) | Imports (₦ billions) | |------|----------------------|----------------------| | 2019 | 2.5 | 3.2 | | 2020 | 2.8 | 3.6 | | 2021 | 3.1 | 3.4 | Using this information, answer the questions that follow.

Question Parts

( a )

Calculate the percentage change in exports and in imports from 2019 to 2021.

( b )

Determine the trade balance for each year and state whether it is a surplus or a deficit.

( c )

Discuss the trend in Nigeria’s terms of trade over the period and recommend one policy measure that could help improve the trade position.

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About This Question

This is Neco Model Questions Vol1 2024 Commerce Question 2. It is one of the essay questions from the 2024 Neco Model Questions Vol1 Commerce examination.

The question covers Balance of payments, Trade balance, Terms of trade, Economic policy .

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