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WAEC Commerce 1994 Question 38

Question 38

Foreign Trade

The rate at which one country's products are exchanged for the products of another is

  1. A.balance of trade
  2. B.balance on current account
  3. C.terms of trade
  4. D.balance of payments
  5. E.foreign exchange.
Show the answer and explanation

Answer: C (terms of trade)

Explanation

Terms of trade compare export prices with import prices.