GK
INDIAN ECONOMY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Increases choice of goods
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Decreases prices of goods
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Increases competition in the market
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Decreases earnings
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Detailed explanation-1: -Trade thus increases the relative supply of each country’s scarce labor, thereby decreasing its price (that is, wages), and decreases its relative supply of abundant labor, thereby increasing its price (wages). This leads to a convergence of labor costs across countries.
Detailed explanation-2: -International trade allows countries to expand their markets and access goods and services that otherwise may not have been available domestically. As a result of international trade, the market is more competitive. This ultimately results in more competitive pricing and brings a cheaper product home to the consumer.
Detailed explanation-3: -Disadvantages of International Shipping Customs and Duties. International shipping companies make it easy to ship packages almost anywhere in the world. Language Barriers. Cultural Differences. Servicing Customers. Returning Products. Intellectual Property Theft. 15-Mar-2018