The rate at which the country's import exchanges for its export is known as
Answer Details
The correct answer is "Terms of trade".
Terms of trade refer to the rate at which a country exchanges its imports for its exports. It is the ratio between the prices of a country's exports and imports. In other words, terms of trade measure the purchasing power of a country's exports in relation to its imports. If a country's terms of trade improve, it means that it can purchase more imports for the same amount of exports, which is beneficial for the economy. Conversely, if a country's terms of trade deteriorate, it means that it can purchase fewer imports for the same amount of exports, which can be harmful to the economy.