Terms of trade refers to

a. what goods are imported
b. what goods are exported
c. the volume of trade
d. the prices at which trade occurs

d. the prices at which trade occurs

Explanation:

Terms of trade is the ratio of export prices to import prices.

d. the prices at which trade occurs

Explanation:

Terms of trade is the ratio between the export prices of a country and its import prices.

It represents the number of units of exports that are needed to purchase a single unit of imports.

It is a ratio computed as the price of the exports divided by the price of the imports with the results multiplied by 100.

As such, trade term is not what goods are imported or exported, nor the volume of trade but a consideration of the prices at which trade occurs for imports and exports.

Option d is right.

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