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What is the purpose of foreign trade?
  • a)
    To reduce the cost of goods
  • b)
    To promote economic growth
  • c)
    To create trade barriers
  • d)
    To avoid international cooperation
Correct answer is option 'B'. Can you explain this answer?
Most Upvoted Answer
What is the purpose of foreign trade?a)To reduce the cost of goodsb)To...
Foreign trade plays a crucial role in promoting economic growth by allowing countries to specialize in producing goods and services they are efficient at and exchanging them with others for items they need. This results in increased productivity, improved resource allocation, and overall economic development.
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What is the purpose of foreign trade?a)To reduce the cost of goodsb)To promote economic growthc)To create trade barriersd)To avoid international cooperationCorrect answer is option 'B'. Can you explain this answer?
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