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enot [183]
3 years ago
15

"the terms of trade between two countries refer to"

History
1 answer:
myrzilka [38]3 years ago
8 0
Terms of trade (TOT) refers to the relative price of imports in terms of exports[1] and is defined as the ratio of export prices to import prices.[2] It can be interpreted as the amount of import goods an economy can purchase per unit of export goods.
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