Answer the following statements true (T) or false (F)
1.Assume 1990 to be the base year. If by the end of 2004 a country's export price index rose from 100 to 130 while its import price index rose from 100 to 115, its terms of trade would equal 113.
2.Assume 1990 to be the base year. If by the end of 2004 a country's export price index rose from 100 to 140 while its import price index rose from 100 to 160, its terms of trade would equal 120.
3.Assume 1990 to be the base year. If by the end of 2004 a country's export price index rose from 100 to 125 while its import price index rose from 100 to 125, its terms of trade would equal 100.
4.The commodity terms of trade is found by dividing a country's import price index by its export price index.
5.For the commodity terms of trade to improve, a country's export price index must rise relative to its import price index over a given time period.
1.True
2.False
3.True
4.False
5.True
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