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JAMB Economics 1999 Question 49

Question 49

International Trade

Favourable terms of trade is important to a country because it facilities

  1. A.economic prosperity for importers and exporters
  2. B.export of hard currency by the government
  3. C.economic prosperity for the country
  4. D.import of hard currency by the government.
Show the answer and explanation

Answer: C (economic prosperity for the country)

Explanation

With favourable terms of trade, each unit of exports buys more imports, so the whole country gains.