The Terms of Trade Are

question 175

Multiple Choice

The terms of trade are

• A) the quantity of imports required to pay for one unit of exports.
• B) the quantity of exports required to pay for one unit of imports.
• C) less than the sum of the traders' opportunity costs.
• D) greater than the sum of the traders' opportunity costs.
• E) equal to the sum of the traders' opportunity costs.

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Definitions:

Misrepresentation

The act of providing false or misleading information, often to persuade someone to enter into a contract.

Avoid a Contract

To declare a contract null and void, either because it is legally defective or through mutual agreement between the parties.

Affirming

is the process of confirming, validating, or stating positively.

Avoid a Contract

The act of nullifying or declaring a contract invalid, thereby releasing the parties from their obligations under that contract.