International Trade and Specialisation Quiz
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Questions and Answers

What is the basis of international trade according to the text?

  • Principle of comparative advantage (correct)
  • Principle of self-sufficiency
  • Principle of absolute advantage
  • Principle of division of labour

    • How does international trade benefit the world economy?

  • By reducing international cooperation
  • Through specialization and division of labour (correct)
  • By promoting self-sufficiency
  • By limiting transferability of goods

    • What is considered essential for countries to engage in international trade?

  • Well-developed transportation and communication systems (correct)
  • Restricted communication systems
  • Isolation from the global economy
  • Lack of transportation infrastructure

    • Why is no country willing to forego the benefits of international trade?

    <p>With well-developed systems, benefits are significant</p> Signup and view all the answers

    How is modern trade related to the foreign policy of nations?

    <p>Trade plays a role in shaping foreign policy</p> Signup and view all the answers

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