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WAEC Economics 1995 Question 33

Question 33

International Trade

Terms of trade simply means the price

  1. A.ratio of import to export
  2. B.ratio of export multiplied by import
  3. C.ratio of export to import
  4. D.ratio of export multiplied by price ratio of import
  5. E.of export minus price of import
Show the answer and explanation

Answer: C (ratio of export to import)

Explanation

Terms of trade = index of export prices ÷ index of import prices (× 100).