In the context of international trade, 'Terms of Trade' refer to: MCQ with Answer and Explanation

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In the context of international trade, 'Terms of Trade' refer to:

A. Volume of exports to volume of imports

B. Value of exports to value of imports

C. Ratio of import prices to export prices

D. Ratio of export prices to import prices

Answer: Option D

Solution (By JKSSB Mock Tests)

Terms of Trade (TOT) is the ratio of a country's export prices to its import prices, usually expressed as an index.

This question belongs to: Economy GK Economy Set 1

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Question #1

Which of the following is NOT a method of measuring national income?

A. Expenditure method

B. Income method

C. Product method

D. Balance of payments method

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Correct Answer: Option D

Explanation:
National income is measured by product (value added), income and expenditure methods. Balance of payments is used for recording international transactions, not for measuring national income.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Appropriation Bill' is passed by Parliament to:

A. impose new taxes

B. declare war

C. authorize withdrawal of funds from the Consolidated Fund of India

D. regulate banks

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Correct Answer: Option C

Explanation:
The Appropriation Bill allows the government to withdraw funds from the Consolidated Fund of India.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'World Economic Forum' publishes which report?

A. Global Competitiveness Report

B. World Economic Outlook

C. Global Financial Stability Report

D. World Development Report

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Correct Answer: Option A

Explanation:
WEF publishes the Global Competitiveness Report.

This question belongs to: Economy GK Economy Set 1

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