Which of the following concepts of terms of trade were developed by Jacob Viner ? (a) Commodity terms…
Single factoral and double factoral terms of trade are associated with Jacob Viner. The former adjusts commodity terms of trade for export-sector productivity, while the…
Choose your answer
Which of the following concepts of terms of trade were developed by Jacob Viner ?
(a) Commodity terms of trade
(b) Single factoral terms of trade
(c) Double factoral terms of trade
(d) Income terms of trade
Answer and explanation
Correct answer B
Single factoral and double factoral terms of trade are associated with Jacob Viner. The former adjusts commodity terms of trade for export-sector productivity, while the latter also incorporates productivity in the foreign export sector.
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Rajasthan SET (RSET)