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WAEC Commerce 2007 Question 8

Question 8

Foreign Trade

The rate at which the country's import exchanges for its export is known as

  1. A.Terms of trade
  2. B.Balance of trade
  3. C.Rate of exchange
  4. D.Terms of exchange.
Show the answer and explanation

Answer: A (Terms of trade)

Explanation

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