What Are Terms of Trade

question 38

Multiple Choice

What are terms of trade?

• A) the series of international agreements that a country agrees to abide to in the world economy
• B) the relative values of its exports and imports
• C) the network of functions that connect a country to the international economy
• D) laws that a country must skirt if it is to make a profit
• E) the surplus items that a country has available for export

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Definitions:

Scienter

The knowledge of wrongdoing or fraudulent intent in the commission of a fraudulent act.

Negligent Performance

The failure to act with the level of care that someone of ordinary prudence would have exercised under the same circumstances, resulting in harm or damage.

Actual Knowledge

Awareness of a fact or circumstance based on firsthand experience or explicit information; not based on hearsay.

Illegal Payment

A transaction involving money or value that is made in violation of the law or regulatory rules.