Mastering International Trade
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Questions and Answers

What is the significance of international trade in most countries?

  • It is the main source of employment
  • It represents a significant share of gross domestic product (GDP) (correct)
  • It has no significant impact on gross domestic product (GDP)
  • It is the main source of government revenue

    • Which of the following best describes international trade?

  • The exchange of capital, goods, and services within a single country
  • The exchange of goods and services within a single country
  • The exchange of capital, goods, and services across international borders or territories (correct)
  • The exchange of goods and services across international borders or territories

    • What factors influence trade between two or more states?

  • Currency, government policies, economy, judicial system, laws, and markets (correct)
  • Technology, infrastructure, education, healthcare, and social welfare
  • Climate, geography, population, culture, and religion
  • Political stability, military power, diplomatic relations, and natural resources

    • Why is international trade more complex than domestic trade?

    <p>It involves multiple countries with different economic standing</p> Signup and view all the answers

    What are some international economic organizations formed to facilitate trade between countries?

    <p>World Trade Organization</p> Signup and view all the answers

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