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WAEC Commerce 2014 Question 6

Question 6

Foreign Trade

The ratio between a country's exports and her imports prices is the

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

Answer: C (terms of trade.)

Explanation

Terms of trade compare export prices with import prices.