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Distinguish among the terms of trade and the balance of trade for a country.
Definition of terms of trade
a) The amount of a given amount of export goods essential to buy a given amount of import goods
b) Barter or commodity terms of trade, i.e. quantity of Volvos per quantity of Toyotas
Explanation of trade balance
a) Price of exports times quantity of exports equals export revenue
b) Price of imports times quantity of imports equals imports spending
The average price level has increased at a relatively rapid rate since 2008 even though the deep recession that UK experienced in 2008/09. The growth in the price level has been dr
1. The figure below is historical production data from the Kuparuk River field. The OOIP is 5,332,979 Mstb and cumulative recovery through 12/31/2004 is 1,971,200,654 stb.
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