CSEC Economics · May/June 2015 · Paper 2 · Question 3(a)(i)
Define the term 'Terms of trade'.
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Practise this questionOther parts of this question
- 3(a)(ii)Define the term 'Balance of payments'.[2 marks]
- 3(b)Name ONE of the three MAIN parts of the balance of payments statement.[1 mark]
- 3(c)(i)An increase in international demand for the country's local products[3 marks]
- 3(c)(ii)An increase in local demand for imported goods[3 marks]
- 3(d)(i)State, with reason, which country has absolute advantage in the production of the two types of products.[2 marks]
- 3(d)(ii)State, with reason, which country has a comparative advantage in the production of agricultural products.[2 marks]
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