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Direction: Read the case study given below and answer the questions that follow:International trade is the result of specialisation in production. It benefits the world economy if different countries practise specialisation and division of labour in the production of commodities or provision of services. Each kind of specialisation can give rise to trade. Thus, international trade is based on the principle of comparative advantage, complementarity and transferability of goods and services and in principle, should be mutually beneficial to the trading partners. In modern times, trade is the basis of the world’s economic organisation and is related to the foreign policy of nations. With well-developed transportation and communication systems, no country is willing to forego the benefits derived from participation in international trade.How does specialisation increase trade?a)Increases efficiency and promotes demandb)Decreases efficiency and decreased demandc)Decreased standard of livingd)None of the AboveCorrect answer is option 'A'. Can you explain this answer? for Humanities/Arts 2024 is part of Humanities/Arts preparation. The Question and answers have been prepared according to the Humanities/Arts exam syllabus. Information about Direction: Read the case study given below and answer the questions that follow:International trade is the result of specialisation in production. It benefits the world economy if different countries practise specialisation and division of labour in the production of commodities or provision of services. Each kind of specialisation can give rise to trade. Thus, international trade is based on the principle of comparative advantage, complementarity and transferability of goods and services and in principle, should be mutually beneficial to the trading partners. In modern times, trade is the basis of the world’s economic organisation and is related to the foreign policy of nations. With well-developed transportation and communication systems, no country is willing to forego the benefits derived from participation in international trade.How does specialisation increase trade?a)Increases efficiency and promotes demandb)Decreases efficiency and decreased demandc)Decreased standard of livingd)None of the AboveCorrect answer is option 'A'. Can you explain this answer? covers all topics & solutions for Humanities/Arts 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Direction: Read the case study given below and answer the questions that follow:International trade is the result of specialisation in production. It benefits the world economy if different countries practise specialisation and division of labour in the production of commodities or provision of services. Each kind of specialisation can give rise to trade. Thus, international trade is based on the principle of comparative advantage, complementarity and transferability of goods and services and in principle, should be mutually beneficial to the trading partners. In modern times, trade is the basis of the world’s economic organisation and is related to the foreign policy of nations. With well-developed transportation and communication systems, no country is willing to forego the benefits derived from participation in international trade.How does specialisation increase trade?a)Increases efficiency and promotes demandb)Decreases efficiency and decreased demandc)Decreased standard of livingd)None of the AboveCorrect answer is option 'A'. Can you explain this answer?.

Solutions for Direction: Read the case study given below and answer the questions that follow:International trade is the result of specialisation in production. It benefits the world economy if different countries practise specialisation and division of labour in the production of commodities or provision of services. Each kind of specialisation can give rise to trade. Thus, international trade is based on the principle of comparative advantage, complementarity and transferability of goods and services and in principle, should be mutually beneficial to the trading partners. In modern times, trade is the basis of the world’s economic organisation and is related to the foreign policy of nations. With well-developed transportation and communication systems, no country is willing to forego the benefits derived from participation in international trade.How does specialisation increase trade?a)Increases efficiency and promotes demandb)Decreases efficiency and decreased demandc)Decreased standard of livingd)None of the AboveCorrect answer is option 'A'. Can you explain this answer? in English & in Hindi are available as part of our courses for Humanities/Arts. Download more important topics, notes, lectures and mock test series for Humanities/Arts Exam by signing up for free.

Here you can find the meaning of Direction: Read the case study given below and answer the questions that follow:International trade is the result of specialisation in production. It benefits the world economy if different countries practise specialisation and division of labour in the production of commodities or provision of services. Each kind of specialisation can give rise to trade. Thus, international trade is based on the principle of comparative advantage, complementarity and transferability of goods and services and in principle, should be mutually beneficial to the trading partners. In modern times, trade is the basis of the world’s economic organisation and is related to the foreign policy of nations. With well-developed transportation and communication systems, no country is willing to forego the benefits derived from participation in international trade.How does specialisation increase trade?a)Increases efficiency and promotes demandb)Decreases efficiency and decreased demandc)Decreased standard of livingd)None of the AboveCorrect answer is option 'A'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of Direction: Read the case study given below and answer the questions that follow:International trade is the result of specialisation in production. It benefits the world economy if different countries practise specialisation and division of labour in the production of commodities or provision of services. Each kind of specialisation can give rise to trade. Thus, international trade is based on the principle of comparative advantage, complementarity and transferability of goods and services and in principle, should be mutually beneficial to the trading partners. In modern times, trade is the basis of the world’s economic organisation and is related to the foreign policy of nations. With well-developed transportation and communication systems, no country is willing to forego the benefits derived from participation in international trade.How does specialisation increase trade?a)Increases efficiency and promotes demandb)Decreases efficiency and decreased demandc)Decreased standard of livingd)None of the AboveCorrect answer is option 'A'. Can you explain this answer?, a detailed solution for Direction: Read the case study given below and answer the questions that follow:International trade is the result of specialisation in production. It benefits the world economy if different countries practise specialisation and division of labour in the production of commodities or provision of services. Each kind of specialisation can give rise to trade. Thus, international trade is based on the principle of comparative advantage, complementarity and transferability of goods and services and in principle, should be mutually beneficial to the trading partners. In modern times, trade is the basis of the world’s economic organisation and is related to the foreign policy of nations. With well-developed transportation and communication systems, no country is willing to forego the benefits derived from participation in international trade.How does specialisation increase trade?a)Increases efficiency and promotes demandb)Decreases efficiency and decreased demandc)Decreased standard of livingd)None of the AboveCorrect answer is option 'A'. Can you explain this answer? has been provided alongside types of Direction: Read the case study given below and answer the questions that follow:International trade is the result of specialisation in production. It benefits the world economy if different countries practise specialisation and division of labour in the production of commodities or provision of services. Each kind of specialisation can give rise to trade. Thus, international trade is based on the principle of comparative advantage, complementarity and transferability of goods and services and in principle, should be mutually beneficial to the trading partners. In modern times, trade is the basis of the world’s economic organisation and is related to the foreign policy of nations. With well-developed transportation and communication systems, no country is willing to forego the benefits derived from participation in international trade.How does specialisation increase trade?a)Increases efficiency and promotes demandb)Decreases efficiency and decreased demandc)Decreased standard of livingd)None of the AboveCorrect answer is option 'A'. Can you explain this answer? theory, EduRev gives you an ample number of questions to practice Direction: Read the case study given below and answer the questions that follow:International trade is the result of specialisation in production. It benefits the world economy if different countries practise specialisation and division of labour in the production of commodities or provision of services. Each kind of specialisation can give rise to trade. Thus, international trade is based on the principle of comparative advantage, complementarity and transferability of goods and services and in principle, should be mutually beneficial to the trading partners. In modern times, trade is the basis of the world’s economic organisation and is related to the foreign policy of nations. With well-developed transportation and communication systems, no country is willing to forego the benefits derived from participation in international trade.How does specialisation increase trade?a)Increases efficiency and promotes demandb)Decreases efficiency and decreased demandc)Decreased standard of livingd)None of the AboveCorrect answer is option 'A'. Can you explain this answer? tests, examples and also practice Humanities/Arts tests.