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Questions and Answers
What is the basis of international trade according to the text?
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?
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?
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?
Why is no country willing to forego the benefits of international trade?
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How is modern trade related to the foreign policy of nations?
How is modern trade related to the foreign policy of nations?
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