The exports of Uruguay, a developing country, are made essentially of primary commodities. A comparison between export prices received by Uruguay and the price paid for its imports shows the following: on average export prices rose 40% between 2000 and 2010, while import prices went up by 150%. Index quantities exported by the country were Qx = 15 (in 2000), and Qx = 30 (in 2010). Uruguay’s income terms of trade (ITT) in 2000, was: Group of answer choices 100. 1,680. 2,000. 250. 1,500.
The exports of Uruguay, a developing country, are made essentially of primary commodities. A comparison between export prices received by Uruguay and the price paid for its imports shows the following: on average export prices rose 40% between 2000 and 2010, while import prices went up by 150%. Index quantities exported by the country were Qx = 15 (in 2000), and Qx = 30 (in 2010). Uruguay’s income terms of trade (ITT) in 2000, was: Group of answer choices 100. 1,680. 2,000. 250. 1,500.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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The exports of Uruguay, a developing country, are made essentially of primary commodities. A comparison between export prices received by Uruguay and the price paid for its imports shows the following: on average export prices rose 40% between 2000 and 2010, while import prices went up by 150%. Index quantities exported by the country were Qx = 15 (in 2000), and Qx = 30 (in 2010).
Uruguay’s income terms of trade (ITT) in 2000, was:
Group of answer choices
100.
1,680.
2,000.
250.
1,500.
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