The table below outlines how import and export price indices in a country changed between 2018 and 2024.
| Year | Price index of exports | Price index of imports |
|---|---|---|
| 2018 | 95 | 120 |
| 2024 | 112 | 131 |
By what percentage has the country's terms of trade improved between 2018 and 2024?
6.3%6.3\%6.3%
7.4%7.4\%7.4%
8.0%8.0\%8.0%
8.7%8.7\%8.7%
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.