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
a
\(\frac{Px}{Pm}\)
b
\(\frac{Px}{Pm}\)=1
c
\(\frac{Px}{Pm}\)>1
d
\(\frac{Px}{Pm}\)+1
Explanation
Correct Option
cNo explanation available
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