Whether exchange is between individual s, firms, or dc O both parties are made b

Question

Whether exchange is between individual s, firms, or dc O both parties are made better of to such trades O of mandates from the government. 0 only one party is made better off Question 20 We benefit from trade if we are able to obtain a good from a foreign country O the production of which requires a steady supply of ur 2 pts labor that has a very low donestk demand the D that has a substantial numbuer of substitutes in G by giving up more of other goods than we wound have lo give up to obtain the good at home y eiving up less of other

Explanation / Answer

Answer 19 : Voluntary trade primarily occurs because both the parties whether they are firms, customers or countries get better of by undertaking the trade. If one party is not better off, it will never undertake the trade as trade would hamper its financial and economic status in such a situation.

Hence the answer is (A).

Answer 20 : If we are dealing in exchange of goods from a foreign country, we are better off only if the good we are supplying in exchange of their good is lesser in value than their good. In such a case, we get the clear advantage of being the recievers of higher value by giving out lesser value.

Hence, the answer is (E).

Answer 13 : Globalisation is a tool to expand businesses across nations and, thereby providing consumers with better and cheaper alternatives of different products. It, therefore, is serving the interest of both the corporations and people/consumers. Hence, the argument that free trade only helps the consumers is invalid.

Hence, the correct answer is (A).

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