The terms of trade refers to: What goods are exported. What goods are imported. The volume of trade. The prices at which trade occurs.A What goods are exported.B What goods are imported.C The volume of trade.D The prices at which trade occurs. Solution Hi, The correct answer is option (D), The prices at which trade occurs Eplanation: Terms of trade (TOT) refers to the relative price of exports in terms of imports and is defined as the ratio of export prices to import prices..