Commerce and trade

What is the main difference between home trade and international trade?

• Home trade involves only the sale of services, while international trade involves only the sale of goods.

• Home trade involves trade between different countries, while international trade involves trade within a single country.

• Home trade involves trade within a single country, while international trade involves trade between different countries.

• Home trade involves only the sale of goods, while international trade involves only the sale of services.

What are the services to trade that make trade possible?

• Legal services, accounting, consulting, and real estate

• Education, entertainment, hospitality, and research

• Manufacturing, agriculture, construction, and healthcare

• Storage, transport, banking, insurance, technological support, communication, and marketing

What is the role of wholesalers in the chain of distribution?

• Store goods and transport them to consumers directly

• Buy goods in small quantities from retailers and sell them in bulk to producers

• Buy goods in bulk from producers and sell them in smaller quantities to retailers

• Provide technological support and communication services to retailers

What type of retailers are most common today?

• Discount stores and thrift shops

• Online retailers and e-commerce platforms

• Supermarkets, department stores, and hypermarkets

• Independent retailers specializing in one product or service

What was the period known for the sharp increase in international trade due to new technologies and lowered trade barriers?

• 2000 - present

• 1980 - now

• 1945 - 1980

• 1850 - 1914

Which organisation was founded in 1995 to strengthen the rules of the global trading system?

• World Bank

• World Trade Organization (WTO)

• International Monetary Fund (IMF)

• General Agreement on Tariffs and Trade (GATT)

What does the term 'balance of trade' refer to?

• Difference between visible and invisible trade

• Difference between total exports and imports over a certain period of time

• Difference between developed and developing countries in trade practices

• Difference between credit and debit in international transactions

What is the main difference between visible trade and invisible trade?

• Visible trade refers to physical products exchange, while invisible trade refers to services exchange

• Visible trade refers to services exchange, while invisible trade refers to physical products exchange

• Visible trade refers to trade within a single country, while invisible trade refers to trade between different countries

• Visible trade refers to online transactions, while invisible trade refers to in-person transactions

What is the impact of a trade surplus on a country's economy?

• Allows the economy to grow

• Makes the country poorer

• Leads to economic recession

• Has no impact on the economy

What does the balance of payments (BOP) record?

• Only the invisible trade transactions

• Only the visible trade transactions

• All the economic international transactions of the country

• Only the trade deficit and surplus