Question

define term of trade?
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Answer 1

Answer:

Terms of trade are defined as the ratio between the index of export prices and the index of import prices. If the export prices increase more than the import prices, a country has a positive terms of trade, as for the same amount of exports, it can purchase more imports.

Answer 2

Answer:

Terms of trade (TOT) represent the ratio between a country's export prices and its import prices. ... The ratio is calculated by dividing the price of the exports by the price of the imports and multiplying the result by 100.

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