The rate at which a country's exports exchange for its imports is called

Assessment: JAMB UTME - Commerce - 1994 Subject: Commerce

Question 1 Report

The rate at which a country's exports exchange for its imports is called
Answer Details
The rate at which a country's exports exchange for its imports is called the "terms of trade". In other words, it refers to the ratio between the prices of a country's exports and the prices of its imports. If a country's terms of trade improve, it means that the prices it receives for its exports have increased relative to the prices it pays for its imports, which is generally considered favorable. On the other hand, if a country's terms of trade worsen, it means that the prices it receives for its exports have decreased relative to the prices it pays for its imports, which is generally considered unfavorable.
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