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WAEC Commerce 2005 Question 22

Question 22

Foreign Trade

Terms of trade is the

  1. A.rate at which the central bank discounts first class bills
  2. B.rate at which a country's exports exchange for its imports.
  3. C.expected rate of returns on an investment
  4. D.rate of payment for goods and services purchased
Show the answer and explanation

Answer: B (rate at which a country's exports exchange for its imports.)

Explanation

Terms of trade is the rate at which exports exchange for imports.