The Terms of Trade (ToT) Refers To

The terms of trade (ToT) refers to:

A) the rate at which a country can exchange exports for imports in the world market.
B) the rate at which one country's money exchanges for another country's money.
C) the relative prices of goods in a country before it opens up to free trade.
D) the amount of labor used to produce exports as compared to the amount of labor that would have been used to produce the goods imported.