We Say That the Terms of Trade Have Improved When

question 28

Multiple Choice

We say that the terms of trade have improved when

• A) the prices of imports rise more rapidly than those of exports.
• B) the value of imports increases.
• C) the prices of exports rise less rapidly than those of imports.
• D) the ratio of export to import prices rises.
• E) the ratio of export to import prices falls.

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Definitions:

Cognitive Development

Refers to the process through which individuals acquire and evolve their thinking skills, problem-solving abilities, and knowledge over time.

Logical Plan

A structured and reasoned approach to solving a problem or achieving a goal.

Concrete Operational Stage

A stage in Piaget's theory of cognitive development where children gain the ability to think logically about concrete events.

Preoperational Stage

The second stage in Piaget's theory of cognitive development, occurring roughly between the ages of 2 and 7, characterized by symbolic thought but not yet logical operations.