By terms of trade, we mean the?

Assessment: JAMB UTME - Economics - 1985 Subject: Economics

Question 1 Report

By terms of trade, we mean the?

Answer Details

Terms of trade (TOT) refers to the relative price of imports in terms of exports and is defined as the ratio of export prices to import prices. It can be interpreted as the amount of import goods an economy can purchase per unit of export goods.

Read lesson note on International Trade (JAMB)
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