ECONOMICS
BARRIERS TO TRADE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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imports
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exports
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Either A or B
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None of the above
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Detailed explanation-1: -Imports are the goods and services that are purchased from the rest of the world by a country’s residents, rather than buying domestically produced items.
Detailed explanation-2: -The correct option is A. Import. The purchase of goods from a foreign country is called import.
Detailed explanation-3: -Export-When goods are sent from one country to another then it is called export. Import-When goods are purchased from other countries then it is called import.
Detailed explanation-4: -The import trade refers to goods and services purchased into one nation from another. The word ‘import’ originates from the word ‘port’ considering the fact that the products are frequently transported via ship to foreign countries. Similar to exports, imports are also the backbone of international trade.