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WAEC Commerce 2016 Question 41

Question 41

Foreign Trade

The value at which one country obtains another country's currency is

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

Answer: B (exchange rate.)

Explanation

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