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WAEC Economics 2009 Question 45

Question 45

International Trade

Terms of trade may be defined as the

  1. A.trade between one country and another
  2. B.relationships between country's receipt from others and payment to others
  3. C.rate at which a country's exports exchange for imports
  4. D.difference between the value of exports and imports.
Show the answer and explanation

Answer: C (rate at which a country's exports exchange for imports)

Explanation

Terms of trade measure how many imports a unit of exports can buy.