Advertisements
Advertisements
Question
"Undertaking international trade is mutually beneficial to nations." Justify the statement.
Advertisements
Solution
- Regional specialisation: Countries that specialise in the production of a certain item benefit economically from international trade. Additionally, it aids in reducing global economic inequality.
- Higher level of production: Due to increased global demand, countries can now produce more thanks to international trade. The less economically developed nations also widen their production network.
- Better standard of living: International trade between nations is crucial for improving living conditions, creating jobs, and other things.
- Worldwide availability of goods and services: Through trade, nations can access goods and services that might not otherwise be accessible domestically and expand their markets. Market competition has increased as a result of global trade.
- Equalisation of prices and wages: The price and wage disparity has drastically decreased in a global market where nations compete with one another and because of improvements in the transportation network.
APPEARS IN
RELATED QUESTIONS
Which one of the following South American nation, is a part of OPEC?
Define Slave Trade.
What is dumping?
Where are the headquarters of OPEC?
What are regional trade blocs?
What are the impacts of the negative balance of trade?
Write a note on history of international trade.
List the functions and criticism of the World Trade Organisation (WTO).
Which city is the headquarters of the Organization of Petroleum Exporting Countries (OPEC)?
GATT was formed in ____________.
When exports are more than imports, trade is ______.
How many countries are there in OPEC?
In which of the following trade blocks, is India an associate member?
Where is the headquarter of OPEC?
Which of the following is not an item of India s export ____________.
Deepest harbor for large vessels is ____________.
Which of these trade blocs has India as an associate member?
Which new form of trade emerged due to the European Colonisation in the fifteenth century?
When was World Trade Organisation formed?
Trade between two countries can be useful if cost ratios of goods are:
Which of the following trade blocks, is In~a an associate member?
The headquarters of European Union is located at ______.
What is the main motive of OPEC countries?
Which one of the following continents has the maximum flow of global trade?
WTO was established on which of the following date?
Match the following.
| List I (Organisation) |
List II (Established) |
| A. ASEAN | 1. 1995 |
| B. WTO | 2. 1967 |
| C. NAFTA | 3. 1994 |
Arrange the following organisations according to the year of their formation and choose the correct option.
- ASEAN
- EU
- WTO
- OPEC
Explain how the 'size of population' and the stage of 'economic development' are the bases of international trade.
