Trade - SS3 Geography Past Questions and Answers - page 2
How can trade relations influence diplomatic ties between countries?
They have no impact on diplomacy
They often lead to conflicts
They promote peaceful cooperation
They solely focus on economic competition
What is the primary benefit of trade in terms of economic growth?
Reducing job opportunities
Stagnating domestic industries
Expanding markets and increasing production
Limiting consumer choices
What role does international trade play in political relations?
It increases the likelihood of conflicts
It is unrelated to political influence
It discourages diplomatic negotiations
It can provide countries with political leverage
What is the outcome of trade balance when a country imports more than it exports?
Trade deficit
Trade surplus
Trade equilibrium
Balance of trade
Which type of trade involves trading similar goods or services within the same industry?
Import trade
Intra-industry trade
Wholesale trade
Retail trade
How does trade influence a country's economic growth and development?
Trade influences a country's economic growth and development by expanding markets, increasing production, creating jobs, and fostering innovation. It allows countries to specialize, optimize resource utilization, and access a broader range of products, which contributes to economic prosperity.
Provide an example of a product or service that benefits from international trade due to specialization.
An example of a product benefiting from international trade due to specialization is the production of Swiss watches. Switzerland specializes in manufacturing high-quality watches, and through trade, they can exchange these specialized products with other countries, benefiting from their strengths in different industries.
In what ways does trade impact the environment and sustainability?
Trade can impact the environment and sustainability through factors such as increased transportation emissions, over-exploitation of natural resources, and the potential for environmental regulations to be bypassed. However, trade can also promote sustainability by encouraging eco-friendly practices and supporting the global adoption of environmentally responsible technologies.
Explain how trade can be used as a tool for resolving political conflicts between countries.
Trade can be used as a tool for resolving political conflicts between countries by fostering economic interdependence. When nations have shared economic interests through trade, it discourages conflicts, as war could disrupt economic relations. Diplomacy and negotiations are preferred to maintain economic stability.
Discuss a real-world scenario where trade played a significant role in shaping diplomatic relations between two or more nations.
A real-world scenario where trade played a significant role in shaping diplomatic relations is the normalization of relations between the United States and China in the 1970s. Trade interactions and economic cooperation between these two countries helped thaw diplomatic tensions and opened doors for further cooperation in various areas.