Suppose That the Following Table Gives Export and Import Price

question 10

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Suppose that the following table gives export and import price indexes for Zimbabwe in 1990, 2000, and 2014. (The base year is 1990, so all values are 100 in that year.)

I. How did Zimbabwe's terms of trade change between 1990 and 2000? Between 2000 and 2014? Between 1990 and 2014?
II. Do these changes represent deterioration or improvement in Zimbabwe's terms of trade?
III. What are the implications of a terms-of-trade deterioration for the Zimbabwean economy?

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Definitions:

Desired End States

Refers to the final goals or outcomes that individuals or systems aim to achieve, which are influenced by personal values, needs, and aspirations.

Behaviour Objective Values

Principles or standards of behavior considered important and desirable by individuals or groups, guiding decision making and action.

Conscientious Consumerism

An approach to buying goods and services which involves considering the ethical, environmental, and social impacts of one's consumption choices.

Product-Specific Value

The worth that a particular product holds for a consumer, often influenced by its ability to meet specific needs or desires.