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12th Standard English Medium Economics Subject International Economics Book Back 2 Mark Questions with Solution updated Book back Questions

Published on: 13/05/2022

QB365 provides detailed and simple solution for every book back questions in class 12 Economics subject.It will helps to get more idea about question pattern in every book back questions with solution.

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Download Tamil Nadu 12th Standard Economics question papers, model tests, one-mark questions, important questions, and public exam papers in PDF format. Free study materials and answer keys for TN State Board students.

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Std: 12th Standard - Economics

chapter: - Book back Questions

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Questions:

Generic 2

5 x 2 = 10

What do you mean by Balance of Payments?

Define Terms of Trade.

What is the main difference between Adam Smith and Ricardo with regard to the emergence of foreign trade?

State any two merits of trade.

Define International trade.

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Answers Key:

Generic 2

5 x 2 = 10

(i) The balance between the values of goods and services exchanged between two countries.
(ii) It is a trade in both visible and non visible items.

The rate at which goods of one country are exchanged for that of another country i.e. ratio of export price and import price.

(i) According to Adam Smith, the basis of international trade was absolute cost advantage.
(ii) To Ricardo the basis of trade is comparative cost advantage.
(iii) Trade can take place even if the absolute cost difference is absent but there is comparative cost difference.

(i) Availability of variety of goods for consumption.
(ii) Generation of more employment.
(iii) Industrialization of backward nations.
(iv) Division of labour and specialisation.

(i) International trade refers to the trade or exchange of goods and services between two or more countries.
(ii) It is a trade among different countries or trade across political boundaries.