Question on: JAMB Economics - 2019
Assume that, for a certain country in a given year, the index of import prices stands at 102, the index of export prices stands at 106. The terms of trade are (to the nearest whole number)
A
208
B
104
C
54
D
4
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Correct Option: B
Terms of trade = \(\frac {\text{Index of export prices}} {\text{Index of import prices}}\) x 100
\(\frac {106}{102}\) x 100
= 103.9
≈ 104
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