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

Commerce
JAMB 2023

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

  • A. terms of trade
  • B. balance of trade
  • C. terms of payments
  • D. balance of payments
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Correct Answer: Option 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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