Terms of trade is the ratio of the price of a nation’s:
Terms of trade are the ratio of export prices to import prices, \(P_X/P_M\). A higher ratio means a given quantity of exports can purchase more imports.
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Terms of trade is the ratio of the price of a nation’s:
Answer and explanation
Correct answer D
Terms of trade are the ratio of export prices to import prices, . A higher ratio means a given quantity of exports can purchase more imports.
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Kerala SET (LBS Centre)