Correct option is B
The total value of goods and services traded is considered to be the volume of trade. → Correct
- The volume of trade refers to the total value of goods and services exchanged in an economy over a specific period.
- It is not limited to physical goods but includes services like IT, consulting, and financial transactions.
The practice of selling a commodity in two countries at a price that differs for reasons not related to costs is called dumping. → Correct
- Dumping occurs when a country exports a product at a price lower than its domestic price or production cost.
- This practice harms domestic industries in the importing country and is often addressed through anti-dumping duties by organizations like the WTO.
Information Booster:
- Volume of trade includes both goods and services, not just physical goods.
- ASEAN was founded in 1967, and India is not a member but has trade agreements with ASEAN nations.
- Dumping leads to unfair competition, and countries impose anti-dumping duties to protect domestic industries.
- India is part of the ASEAN Regional Forum (ARF) but not a founding member.
Additional Knowledge:
Volume of trade includes only trade of goods. → Incorrect
- Volume of trade includes both goods and services, making this statement incorrect.
- Trade statistics account for services such as tourism, software exports, and financial services.
India is the founder of the ASEAN bloc. → Incorrect
- India is not a founding member of ASEAN (Association of Southeast Asian Nations).
- ASEAN was founded in 1967 by Indonesia, Malaysia, the Philippines, Singapore, and Thailand.
- India is a partner of ASEAN but not a founder.
English
10 Questions
20 Marks
12 Mins
