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WAEC Commerce 2023 Objective — Question 23

Question 23 of 50 from the West African Examinations Council (WAEC) Commerce 2023 Objective paper, with the correct answer and a full explanation.

The rate at which a country's exports exchange for its imports is A. terms of trade.

A. terms of tradeCorrect
B. terms of payment
C. balance of trade
D. balance of payment

Explanation

Terms of trade specify the rate at which the export pays for import.

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