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WAEC Economics 2016 Question 45

Question 45

International Trade

The rate at which a country's exports is exchanged for her imports is

  1. A.trade balance.
  2. B.balance of payments.
  3. C.terms of trade.
  4. D.balance on current account.
Show the answer and explanation

Answer: C (terms of trade.)

Explanation

Terms of trade measure how many imports a unit of exports buys.