Let P x represent the price of exports and Pm the price of imports. Then the terms of trade (TOT) are said to be favourable if

Question 1 Report

Let P x represent the price of exports and Pm the price of imports. Then the terms of trade (TOT) are said to be favourable if

$$P_{x}/P_{m}$$

$$P_{x}/P_{m}=1$$

$$P_{x}/P_{m}>1$$

$$P_{x}/P_{m}+1$$

International Trade And Balance Of Payments

Economics As A Science

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