Which of the following statements is true about terms of trade?
ECONOMICS
WAEC 1991
Which of the following statements is true about terms of trade?
- A. Terms of trade shows the difference between the values of export and imports
- B. Terms of trade indicate the rate at which exports exchange for imports
- C. It is the ration of price index of exports to imports
- D. It is usually expressed as percentage
Correct Answer: C. It is the ration of price index of exports to imports
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