Choose the correct option to fill the blank.
The act of opening up economies for trading is known as _______.
The act of opening up economies for trading is known as _______.
Show Hint
- Balanced trade
- Unilateral trade
- Free trade
- Bilateral trade
The Correct Option is C
Solution and Explanation
- Unilateral trade (B): Refers to a country opening its market to imports without necessarily requiring the same from its trade partners. It is not about opening up an economy for reciprocal trade.
- Bilateral trade (D): Refers to trade between two countries, but it is not about the act of opening up economies for general trading.
Top Questions on International Trade
- Table 1: Composition of India’s export : 2009-2017 (Percentage share in exports)
Commodities 2009-10 2010-11 2015-16 2016-17 Agriculture and allied products 10.0 9.9 12.6 12.3 Ore and minerals 4.9 4.0 1.6 1.9 Manufactured goods 67.4 68.0 72.9 73.6 Crude and petroleum products 16.2 16.8 11.9 11.7 Other commodities 1.5 1.2 1.1 0.5 - CBSE CLASS XII - 2025
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- Two statements are given below. They are Assertion and Reason (R). Read both the statements carefully and choose the correct option:
% Assertion and Reason Assertion : \textit{‘International trade may prove to be detrimental to nations.’}
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- Choose the correct option to fill the blank:
\textit{“In modern times, trade is the basis of the world’s economic organisation and is related to the ___\ of nations.”}- CBSE CLASS XII - 2025
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Case for Free Trade
The act of opening up economies for trading is known as free trade or trade liberalization. This is done by bringing down trade barriers like tariffs. Trade liberalization allows goods and services from everywhere to compete with domestic products and services.
Globalisation along with free trade can adversely affect the economies of developing countries by not giving equal playing field by imposing conditions which are unfavorable. With the development of transport and communication systems goods and services can travel faster and farther than ever before. But free trade should not only let rich countries enter the markets, but allow the developed countries to keep their own markets protected from foreign products.
Countries also need to be cautious about dumped goods; as along with free trade dumped goods of cheaper prices can harm the domestic producers.
How have ‘globalisation’ and ‘free trade’ affected the economies of developing countries?
- CBSE CLASS XII - 2025
- Geography
- International Trade
Case for Free Trade
The act of opening up economies for trading is known as free trade or trade liberalization. This is done by bringing down trade barriers like tariffs. Trade liberalization allows goods and services from everywhere to compete with domestic products and services.
Globalisation along with free trade can adversely affect the economies of developing countries by not giving equal playing field by imposing conditions which are unfavorable. With the development of transport and communication systems goods and services can travel faster and farther than ever before. But free trade should not only let rich countries enter the markets, but allow the developed countries to keep their own markets protected from foreign products.
Countries also need to be cautious about dumped goods; as along with free trade dumped goods of cheaper prices can harm the domestic producers.
What should be done by the developing countries to protect from negative impact of ‘free trade’? Mention any two steps.
- CBSE CLASS XII - 2025
- Geography
- International Trade
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