Following a series of trade policy adjustments, the Republic of Marand recorded changes in its export and import price indices over a six-year period. The data for 2018 and 2024 are summarized in the table below:
| Year | Price index of exports | Price index of imports |
|---|---|---|
| 2018 | 112 | 125 |
| 2024 | 124 | 128 |
By what percentage did the nation's terms of trade increase between 2018 and 2024?
7.3%7.3\%7.3%
8.1%8.1\%8.1%
8.3%8.3\%8.3%
7.5%7.5\%7.5%
14 exam-style questions on OCR A Level Economics International trade. Each one has a worked solution and a mark scheme showing where the marks go.