Explain how changes in commodity prices have influenced Australia’ s terms oftrade and the current account in recent years
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Solution 1
Australia's economy is heavily dependent on commodity exports, including iron ore, coal, and natural gas. Therefore, changes in commodity prices can significantly influence Australia's terms of trade and the current account.
- Terms of Trade: The terms of trade is the ratio of export prices to Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.
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