International Trade (Part 2) — Important Questions

To obtain commodities they cannot produce themselves, To purchase goods at lower prices, To achieve specialization benefits

Countries trade to obtain goods they cannot produce, buy at lower costs, and benefit from specialization. Avoiding foreign contact and reducing cooperation are opposite to trade purposes.

True

WTO indeed stands for World Trade Organization, which was established in 1995 to promote free and fair trade among nations and resolve trade disputes.

Difference in national resources, Population factors, Stage of economic development, Transport facilities

International trade is based on differences in resources, population characteristics, economic development stages, and transport. Identical climate would reduce trade needs.

Barter System

The correct chronological order is: Barter System (primitive times), Silk Route (ancient times), Industrial Revolution (18th-19th century), WTO formation (1995).