Waec Model Questions Vol1 2024 Economics Question 49
Practice objective / multiple choice question 49 from the 2024 Waec Model Questions Vol1 Economics examination.
Country X exports 2 million tonnes of wheat at a world price of $3 per tonne and imports 1.5 million barrels of oil at $8 per barrel. The exchange rate is 1 USD = 360 Naira. The government imposes a 10 % export tax on wheat and a 5 % import tariff on oil. Calculate (a) the net trade balance in Naira after the taxes and (b) whether the terms of trade improve or deteriorate as a result of the taxes.
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This is Waec Model Questions Vol1 2024 Economics Question 49. It is one of the objective questions from the 2024 Waec Model Questions Vol1 Economics examination.
Difficulty level: Hard .
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