WAEC Economics 2024 Objective — Question 46
Question 46 of 50 from the West African Examinations Council (WAEC) Economics 2024 Objective paper, with the correct answer and a full explanation.
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46. Terms of trade is favourable when the
- A. value of visible imports is greater than that of visible exports.
- B. price of imports is greater than that of exports.
- C. payments on imports is greater than receipts from exports.
- D. price of exports is rising faster than that of imports.Correct
Explanation
Terms of trade is the rate at which export prices pay for import prices; it is favourable when export prices are rising faster than (higher than) import prices.
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