Let P x represent the price of exports and Pm the price of imports. Then…

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Economics JAMB 1984

Let P x represent the price of exports and Pm the price of imports. Then the terms of trade (TOT) are said to be favourable if

  • \(\frac{Px}{Pm}\)
  • \(\frac{Px}{Pm}\)=1
  • \(\frac{Px}{Pm}\)>1 checkmark
  • \(\frac{Px}{Pm}\)+1

The correct answer is: C

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