Business Studies

Terms of trade between two countries refer to a ratio of ______.


ANSWER

export prices to import prices


SOLUTION
Terms of trade. The terms of trade (TOT) is the relative price of imports in terms of exports and is defined as the ratio of export prices to import prices. It can be interpreted as the number of import goods an economy can purchase per unit of export goods
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Single Correct Medium Published on 18th 08, 2020
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