Discussion
Which of the following sentences are correct with respect to international trade ?
(1) Volume of trade is amount of trade in monetary terms.
(2) Composition of trade is type of goods and services in international trade.
(3) Direction of trade is trade of country with other countries or trade blocks.
(4) International trade does not fulfill surplus and deficit demand and supply of commodities in world
Answer: A
The correct statements are (1), (2), (3).
The volume of trade is its total value in money terms; the composition of trade is the types of goods and services exported and imported; and the direction of trade is a country's trade with particular countries or trading blocs.
Statement (4) is false. International trade exists precisely because some countries have surpluses and others deficits of particular commodities, and trade moves goods from the first to the second. Every option including (4) is therefore wrong.
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