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Economics (AS & A Level) · Oct / Nov 2021 · Paper 11 · Question 21

9708The reasons for international trade

What best describes a country's terms of trade?

  1. Athe difference between the volume of its exports and its imports
  2. Bthe average price of its exports divided by the average price of its imports
  3. Cthe total value of its exports divided by the total value of its imports
  4. Dthe volume of its exports divided by the volume of its imports

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Correct answer: B. the average price of its exports divided by the average price of its imports

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