Test: International Trade - 1 - Humanities/Arts MCQ

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

It was formed on 1st Jan 1995.

Manufacturing is very important in the econmy.

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.

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.

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

It was formed in 1948.

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

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

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.