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WAEC Economics 2024 Question 46

Question 46

International Trade

Terms of trade is favourable when the

  1. A.value of visible imports is greater than that of visible exports.
  2. B.price of imports is greater than that of exports.
  3. C.payments on imports is greater than receipts from exports.
  4. D.price of exports is rising faster than that of imports.
Show the answer and explanation

Answer: D (price of exports is rising faster than that of imports.)

Explanation

Each unit of exports then buys more imports.