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Questions and Answers
What are the principal factors that give rise to commercial exchanges?
What are the principal factors that give rise to commercial exchanges?
- Currency exchange rates, political stability, and international treaties
- Globalization, market demand, and technological innovation
- Diversity in the distribution of natural resources, differences of human needs and wants, and division of labour along with comparative advantage (correct)
- Availability of technology, government regulations, and consumer preferences
What does trade encompass according to the text?
What does trade encompass according to the text?
- Small-scale trade, medium-scale trade, and large-scale trade
- Barter trade, monetary trade, and virtual trade
- Domestic trade, including retail and wholesale as well as local, regional and inter-regional transactions, and foreign trade, encompassing import, export and entrepôt/re-export trades (correct)
- Online trade, offline trade, and international trade
What is the definition of commerce according to the text?
What is the definition of commerce according to the text?
- Government-controlled distribution of goods and services within a country
- Online retail activities and e-commerce transactions
- Large-scale organized system of activities, functions, procedures and institutions that directly or indirectly contribute to the smooth, unhindered distribution and transfer of goods and services on a substantial scale and at the right time, place, quantity, quality and price through various channels from the original producers to the final consumers within local, regional, national or international economies (correct)
- Small-scale local trade and barter between individuals or small businesses
What are aids to trade according to the text?
What are aids to trade according to the text?
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What is the categorization of trade according to the text?
What is the categorization of trade according to the text?
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