Suppose that the terms of trade of a nation improved from 100 to 110 over a given
Question:
(a) By how much did the terms of trade of its trade partner deteriorate?
(b) In what sense can this be said to be unfavorable to the trade partner? Does this mean that the welfare of the trade partner has definitely declined?
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a If the terms of trade of a nation improved from 100 to 11...View the full answer
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