Question

Q5. Study the following situation and express your opinion

Case I

In the modern period, due to development in science and technology, means of transport

and communication, it is observed that international trade among different countries has

increased. There are two sides of international trade. Such as (I) Import (II) Export

Questions

(1) Give your opinion on International trade after independence

Ans:_________________________________________________________________​

Answer 1

Answer:

1 folow me thn i giv you ans

so folw me fast for your answer

Answer 2

Countries that are more efficient (with an absolute advantage) in all aspects of production will also benefit from trade. Consider the following example.

Country A: One hour of labor can produce 3 kg of steel or two shirts. Country B: 1 hour of labor can produce 1 kg of steel or 1 shirt.

Country A is more efficient for both products. Now suppose that Country B offers to sell two shirts to Country A for two shirts.

5 kg of steel.

To produce these two extra shirts, Country B spends 2 hours producing steel (2kg). Country A converts 1 hour of work in (2) shirt production. Instead, he uses that working time to produce an extra 3 kg of steel.

Overall the same number of shirts are produced. Country A produces 2 fewer shirts, but Country B produces 2 more shirts.

But now more steel is being produced than ever before. Country A produces an additional 3 kg of steel, and country B reduces its steel production by 2 kg. An extra kilogram of steel is a measure of trading profit.

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