The rate at which nations will exchange goods and services is known as the

Question

Quizplus · Accepted Answer

Terms of trade refer to the ratio at which a country's exports are exchanged for imports from other countries. It indicates the amount of import goods that a country can get for each unit of its export goods. Hence, it reflects the rate or value at which trade takes place between nations, and is not the same as exchange rate or transfer rate, which have different meanings.

The Rate at Which Nations Will Exchange Goods and Services