JAMB - Commerce (2023 - No. 37)
The rate where a country's exports exchange for its imports is called
terms of trade
balance of trade
terms of payments
balance of payments
Shpjegimi
Terms of Trade (TOT) is the rate at which a country's exports exchange for its imports and it is calculated as:
| TOT | = | index of export price
index of import price |
x |