Each student is assigned 1 of 4 possible countries. They must work on their own while working together with other “Countries” to calculate their terms of trade.
Each country’s “Exports Prices” are another country’s “Import Prices”
Students must first calculate the Terms of trade with one other country. Then they must recalculate the terms of trade when one of the three situation changes:
- Change in Import/Export Prices
- Change in Inflation
- Change in Exchange rate
Worksheets and Answers provided.
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