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Questions and Answers
What is the role of commerce in economic development?
What is the role of commerce in economic development?
- Restricting the movement of goods and services to boost economic development
- Promoting self-sufficiency to hinder economic progress
- Controlling the flow of goods and services to limit economic expansion
- Facilitating the exchange of goods and services to drive economic growth (correct)
What is the significance of imports and exports in commerce?
What is the significance of imports and exports in commerce?
- They lead to trade imbalances and economic stagnation
- They only benefit the exporting country
- They contribute to the exchange of goods and services between countries (correct)
- They have no impact on international trade
What is the role of the World Trade Organization (WTO) in commerce?
What is the role of the World Trade Organization (WTO) in commerce?
- It restricts international trade and creates barriers for developing nations
- It has no influence on international trade agreements
- It promotes monopolistic practices in global commerce
- It facilitates trade negotiations and resolves disputes between member countries (correct)
