The rate where a country’s exports exchange for its imports is called

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Commerce JAMB 2023

The rate where a country’s exports exchange for its imports is called

  • terms of trade checkmark
  • balance of trade
  • terms of payments
  • balance of payments

The correct answer is: A

Explanation

Terms of Trade (TOT) is the rate at which a country's exports exchange for its imports and it is calculated as:
 

TOT = index of export price
index of import price		   x
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