WAEC - Commerce (2023 - No. 37)
The rate at which a country's export exchange for its imports is
terms of payment
terms of trade
balance of payment
balance of trade
Maelezo
The rate at which a country's export exchange for its imports is known as the 'terms of trade'. The terms of trade are the ratio of an index of a country's export prices to an index of its import prices. It shows the quantity of import goods an economy can purchase per unit of export goods.