Question

According to M L Jhingan International Economics Book

What are the criticisms of Utility Terms of Trade?

Use only the above book don't use any other source

Answer 1

According to that book, the concept of both real as well as the utility terms of trade are highly impractical where it is possible on academically the whole and this is the reason why mostly The other forms of terms of trade such as commodity and income were used in measuring the gains from trade.

Source : M L Jhingan