Economics · International Trade
The term 'terms of trade' refers to which of the following?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1The ratio between export prices and import prices✓
- 2The terms and conditions on which a country is offered a loan
- 3The bilateral trade agreements signed between countries
- 4The excess of import expenditures over export earnings
Correct answer
The ratio between export prices and import prices
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