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Test: International Trade - 1 - Humanities/Arts MCQ


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10 Questions MCQ Test - Test: International Trade - 1

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Test: International Trade - 1 - Question 1

International trade depends upon

Detailed Solution for Test: International Trade - 1 - Question 1

International trade depends upon differences in natural resources, marketable surplus and transport and communication.

Test: International Trade - 1 - Question 2

WTO is the successor of:

Detailed Solution for Test: International Trade - 1 - Question 2

It was formed on 1st Jan 1995.

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Test: International Trade - 1 - Question 3

…… accounts for the highest share in the international trade.

Detailed Solution for Test: International Trade - 1 - Question 3

Manufacturing is very important in the econmy.

Test: International Trade - 1 - Question 4

An important aspect of international trade depends on
(Choose the incorrect answer)

Detailed Solution for Test: International Trade - 1 - Question 4

Answer is Option D. variability of Trade.
Note:
Three important aspects of international trade are: 

(i) Volume of trade: It means the actual tonnage of goods traded usually measured by the total volume and the value of goods exchanged. 

(ii) Composition of trade: It includes the type of goods and services which enter the world trade.

(iii) Direction of trade : The nature of international trade which has changed with the passage of time.

Test: International Trade - 1 - Question 5

Free trade means

Detailed Solution for Test: International Trade - 1 - Question 5

The act of opening up economies for trading is known as free trade or trade liberalisation. It allows goods and services from everywhere to compete with domestic products and services.

Test: International Trade - 1 - Question 6

Name the largest exporter of jute

Detailed Solution for Test: International Trade - 1 - Question 6

Bangladesh is 2nd largest producer after India and largest exporter of jute in the world.

Test: International Trade - 1 - Question 7

GATT means:

Detailed Solution for Test: International Trade - 1 - Question 7

It was formed in 1948.

Test: International Trade - 1 - Question 8

NAFTA was established in

Detailed Solution for Test: International Trade - 1 - Question 8

NAFTA was established in 1994. NAFTA stands for North American Free Trade Agreement.

Test: International Trade - 1 - Question 9

Sea Ports are

Detailed Solution for Test: International Trade - 1 - Question 9

The chief gateways of the world of international trade are the harbours and ports.

Test: International Trade - 1 - Question 10

SAARC stands for

Detailed Solution for Test: International Trade - 1 - Question 10

The South Asian Association for Regional Cooperation (SAARC) is an economic and political organisation of eight countries in Southern Asia. It was established on December 8, 1985 by Bangladesh, Bhutan, Nepal, Maldives, Pakistan, Sri Lanka and India.

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