Question

According to Wasserman and Hultman, International Trade consists of:

Options

• Transaction between governments of the world only

• Transaction between residents of different countries

• Transaction between banks of different countries only

• Transaction between residents of the same country

Answer 1

Wasserman and Hultman defined International Trade as consisting of 'transaction between residents of different countries.' This definition emphasizes that it is the residents (individuals, firms, entities) of different nations who engage in these cross-border transactions.