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Terms of trade: Quiz


Question 1: In international ________ and international trade, terms of trade or TOT is the relative prices of a country's export to import.
MoneyKeynesian economicsHeterodox economicsEconomics

Question 2: That is, it has to give up fewer ________ for the imports it receives.
ExportEconomicsTradeInternational trade

Question 3: "Terms of trade" are sometimes used as a proxy for the relative ________ of a country, but this heuristic is technically questionable and should be used with extreme caution.
EconomicsWelfareEconomyEconomic ideology

Question 4: To understand how a country's social ________ changes, it is necessary to consider changes in the volume of trade, changes in productivity and resource allocation, and changes in capital flows.
Rational choice theoryJeremy BenthamUtilityUtilitarianism

Question 5: In the more realistic case of many products exchanged between many countries, terms of trade can be calculated using a ________.
Consumer price indexInflationGDP deflatorPrice index

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