The concept of 'Terms of Trade' is defined as: MCQ with Answer and Explanation

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The concept of 'Terms of Trade' is defined as:

A. The ratio of import prices to export prices

B. The value of capital inflows

C. The volume of exports only

D. The ratio of export prices to import prices

Answer: Option D

Solution (By JKSSB Mock Tests)

Terms of trade measure the relative prices of a country's exports to its imports, usually expressed as an index. An improvement means more imports can be obtained per unit of exports.

This question belongs to: Economy GK Economy Set 1

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Question #1

The four labour codes in India consolidate how many existing central labour laws?

A. 10

B. 100

C. 44

D. 29

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Correct Answer: Option D

Explanation:
The four labour codes consolidate 29 central labour laws.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'National Income' in India was first estimated by:

A. Dadabhai Naoroji

B. V.K.R.V. Rao

C. R.C. Dutt

D. P.C. Mahalanobis

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Correct Answer: Option B

Explanation:
V.K.R.V. Rao made the first scientific estimate of India's national income.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Wholesale Price Index' measures:

A. prices of services

B. retail prices

C. prices at the wholesale level

D. prices of consumer goods only

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Correct Answer: Option C

Explanation:
WPI measures price changes at the wholesale level.

This question belongs to: Economy GK Economy Set 1

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