Q1: Choose the right answer from the four alternatives given below.
(i) Most of the world’s great ports are classified as:
(a) Naval Ports
(b) Oil Ports
(c) Comprehensive Ports
(d) Industrial Ports
Ans: (c)
(ii) Which one of the following continents has the maximum flow of global trade?
(a) Asia
(b) North America
(c) Europe
(d) Africa
Ans: (c)
Q2: Answer the following questions in about 30 words:
(i) What is the basic function of the World Trade Organisation?
Ans: The basic functions of the World Trade Organisation:
(ii) Why is it detrimental for a nation to have negative balance of payments?
Ans: A negative balance would mean that the country spends more on buying goods than it can earn by selling its goods. This would ultimately lead to exhaustion of its financial reserves.
(iii) What benefits do nations get by forming trading blocs?
Ans: Regional Trade Blocs have come up in order to encourage trade between countries with geographical proximity, similarity and complementarities in trading items and to curb restrictions on trade of the developing world.
Q3: Answer the following questions in not more than 150 words:
(i) How are ports helpful for trade? Give a classification of ports on the basis of their location.
Ans: Ports are chief gateways of the world of international trade are the harbours and ports. Cargoes and travellers pass from one part of the world to another through these ports. The ports provide facilities of docking, loading, unloading and the storage facilities for cargo. In order to provide these facilities, the port authorities make arrangements for maintaining navigable channels, arranging tugs and barges, and providing labour and managerial services.
Types of port on the basis of location:
(ii) How do nations gain from International Trade?
Ans: International trade is the exchange of goods and services among countries across national boundaries. Countries need to trade to obtain commodities, they cannot produce themselves or they can purchase elsewhere at a lower price.
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1. What is international trade? |
2. Why is international trade important? |
3. What are the benefits of international trade? |
4. What are the main barriers to international trade? |
5. How does international trade impact the environment? |
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