Country P exports goods and imports goods.
Export prices and import prices are set to an index of 100 in year 1. The table shows corresponding prices indices for years 2 and 3.
Which statement is correct?
1 )
It is not possible to say how the terms of trade changed without further information.
2 )
The terms of trade improved between years 1 and 2, and improved again between years 2 and 3.
The terms of trade improved between years 1 and 2, and then remained unchanged between years 2 and 3.
4 )
The terms of trade worsened throughout the whole period.
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