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Question
Explain the meaning of foreign trade.
Explain
Solution
Foreign trade refers to trade between different countries of the world. Trade plays an important role in economic development. It is basically the engine of growth. In developed countries, trade accounts for a significant share of Gross Domestic Product (GDP).
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Chapter 10: Foreign Trade of India - Exercise [Page 98]
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RELATED QUESTIONS
Choose the correct option:
The role of foreign trade is:
- To earn foreign exchange
- To encourage investment
- Lead to the division of labour
- Bring change in the composition of exports
State with reason whether you agree or disagree with the following statement:
Foreign trade leads to division of labour and specialization at world level.
Assertion and reasoning question:
- Assertion (A): International trade leads to the division of labour and specialization.
- Reasoning (R): India's national trade is not increasing.
