What does the term 'terms of trade' signify?

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The rate at which one currency is exchanged for anotherThe gap between the value of tangible exports and importsGovernment strategies aimed at boosting export levelsThe ratio at which a country's exports are traded for its imports

Explanation

Option A refers to currency exchange rates, which differ from terms of trade. Option B describes the trade balance of visible goods. Option C relates to export promotion policies. The correct definition, option D, is the rate at which exports are exchanged for imports, representing the terms of trade.