Question

Give below are two statements: Statement - I:

The terms of trade of a nation are defined as the ratio of the cost of its export commodity to the price of its import commodity. Statement - II: The terms of trade of the trade partner are equal to the inverse of the terms of trade of the other nation. In the light of the above statements, choose the correct answer from the options given below:

A Both Statement I and Statement II are true

B Both Statement I and Statement II are false

C Statement I is true but Statement II is false

D Statement I is false but Statement II is true

E None of these

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Solution