WAEC Commerce 2014 Theory — Question 6
Question 6 of 50 from the West African Examinations Council (WAEC) Commerce 2014 Theory paper, with the correct answer and a full explanation.
Advertisement
The ratio between a country's exports and her imports is known as
- A. balance of trade
- B. balance of payments
- C. terms of tradeCorrect
- D. exchange rate
Explanation
Terms of trade is the rate at which exports pay for imports — average export price relative to average import price.
Advertisement
Sign up free to unlock
- Score tracking
- Practice history
- Saved questions
- Progress dashboard
- Personalized sessions
- Weak-topic breakdown
…and/or go further with premium services and No Ads.