International Trade (Part 2) — Practice Quiz
Madhya Pradesh Board · Class 12 · Geography
Try a 4-question quiz on International Trade (Part 2) for Madhya Pradesh Board Class 12 Geography: tap an answer to check it and see why.
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Quick Quiz: International Trade
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What is international trade?
The Silk Route connected which two major regions?
What does a negative balance of trade mean?
What is bilateral trade?
Sample Questions
Which of the following are reasons why countries engage in international trade?
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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.
WTO stands for World Trade Organization.
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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.
Which factors form the basis of international trade?
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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.
Arrange these trade developments in chronological order: Industrial Revolution, Barter System, WTO formation, Silk Route
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Barter System
The correct chronological order is: Barter System (primitive times), Silk Route (ancient times), Industrial Revolution (18th-19th century), WTO formation (1995).
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