GK
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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These are typically found in airports & seaports and do not follow the regular trade customs and are considered duty-free
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Free-trade zones
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Free-trade agreements
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non-tariff alliances
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Common markets
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Explanation:
Detailed explanation-1: -However, it was two early British economists Adam Smith and David Ricardo who later developed the idea of free trade into its modern and recognizable form. Economists who advocated free trade believed trade was the reason why certain civilizations prospered economically.
Detailed explanation-2: -Entrepot refers to the import of goods not for consumption in the home country but for exporting them to another country.
Detailed explanation-3: -Comparative advantage is an economy’s ability to produce a particular good or service at a lower opportunity cost than its trading partners. Comparative advantage is used to explain why companies, countries, or individuals can benefit from trade.
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