If the Average Price of Exports Is 14

question 114

Essay

If the average price of exports is 14.4,what is the average price of imports if the terms of trade is:
a)0.8
b)1
c)1.2

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Definitions:

Longer in Demand

Products or services that experience sustained interest and need from consumers over an extended period.

Federal Reserve System

The Federal Reserve System is the central banking system of the United States, responsible for monetary policy, regulation of financial institutions, and provision of financial services.

Monetary Policy

Government actions to increase or decrease the money supply and change banking requirements and interest rates to influence bankers’ willingness to make loans.

United States

A country located in North America, known for its strong economy, diverse population, and democratic government.