Waec Model Questions Vol1 2019 Government Question 34
Practice objective / multiple choice question 34 from the 2019 Waec Model Questions Vol1 Government examination.
Nigeria imposes a 10 % tariff on imported wheat. Before the tariff, the country imported 500,000 tonnes of wheat at a world price of $200 per tonne. Assuming the world price remains $200 per tonne and the price elasticity of demand for wheat is -1.5, calculate the change in total import expenditure (in million dollars) after the tariff is applied.
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About This Question
This is Waec Model Questions Vol1 2019 Government Question 34. It is one of the objective questions from the 2019 Waec Model Questions Vol1 Government examination.
Difficulty level: Hard .
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