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WAEC Commerce 2002 Question 17

Question 17

Foreign Trade

The rate at which a country's currency is converted to the currency of another country is known as

  1. A.terms of trade
  2. B.terms of payment
  3. C.exchange rate
  4. D.bank rate
Show the answer and explanation

Answer: C (exchange rate)

Explanation

The exchange rate is the price of one currency in terms of another.