How would the terms of trade be defined in a country with one export and one import?

Name: How would the terms of trade be defined in a country with one export and one import?
Brand: Quizplus
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Question

Quizplus · Accepted Answer

The terms of trade can be defined as the ratio of the price of exports to the price of imports. In a country with one export and one import, the terms of trade would simply be the price of the export divided by the price of the import, giving us the formula P_export/P_import. Therefore, the correct choice is B.

How Would the Terms of Trade Be Defined in a Country