WAEC Economics 2012 Objective — Question 46
Question 46 of 49 from the West African Examinations Council (WAEC) Economics 2012 Objective paper, with the correct answer and a full explanation.
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When there is improvement in a country's terms of trade, it means that the country's
- A. exports are cheaper relative to imports
- B. imports are cheaper relative to exportsCorrect
- C. volume of imports has declined
- D. volume of exports has declined
Explanation
Improvement in terms of trade is expressed by the rate at which export pass for import which us otherwise known as term of trade.
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