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When there is improvement in a country's terms of trade, it means that the country's

Economics
WAEC 2012

When there is improvement in a country's terms of trade, it means that the country's

  • A. exports are cheaper relative to imports
  • B. imports are cheaper relative to exports
  • C. volume of imports has declined
  • D. volume of exports has declined
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Correct Answer: Option B
Explanation

Terms of trade (TOT) represent the ratio between a country's export prices and its import prices. If a country's terms of trade improve, it means that for every unit of exports sold it can buy more units of imported goods. 

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