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WAEC Commerce 1995 Question 27

Question 27

Foreign Trade

Terms of trade refers to

  1. A.agreement between two trading countries
  2. B.conditions attached to specific trade transactions
  3. C.the relationship between export and import prices
  4. D.the difference between the value of imports and exports
  5. E.all payments made to other countries and receipts from them.
Show the answer and explanation

Answer: C (the relationship between export and import prices)

Explanation

Terms of trade compare the prices of a country's exports with the prices of its imports.