Podcast
Questions and Answers
Commerce and trade involve the exchange of goods, services, and resources within the same region only.
Commerce and trade involve the exchange of goods, services, and resources within the same region only.
False (B)
Trade allows countries, businesses, and individuals to be self-sufficient without needing to engage with others.
Trade allows countries, businesses, and individuals to be self-sufficient without needing to engage with others.
False (B)
The development of commerce through bartering systems and currency did not enable civilizations to flourish.
The development of commerce through bartering systems and currency did not enable civilizations to flourish.
False (B)
As technology advanced, the reach and complexity of trade networks remained stagnant.
As technology advanced, the reach and complexity of trade networks remained stagnant.
Global Trade in today's world does not connect diverse producers and consumers across the planet.
Global Trade in today's world does not connect diverse producers and consumers across the planet.
Comparative Advantage theory suggests that nations should specialize in goods where they have a competitive advantage.
Comparative Advantage theory suggests that nations should specialize in goods where they have a competitive advantage.
Trade Agreements aim to increase barriers to trade such as tariffs and quotas.
Trade Agreements aim to increase barriers to trade such as tariffs and quotas.
Key participants in international trade include manufacturers, brokers, and freight companies.
Key participants in international trade include manufacturers, brokers, and freight companies.
Balanced trade policies focus on boosting domestic production while restricting access to foreign markets.
Balanced trade policies focus on boosting domestic production while restricting access to foreign markets.
Commerce and trade do not influence cultural exchange, dissemination of knowledge, or consumer choice.
Commerce and trade do not influence cultural exchange, dissemination of knowledge, or consumer choice.
