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Q.

Choose the given statement is True/False:

Foreign trade increases incomes.

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a

True

b

False

answer is A.

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Detailed Solution

The above statement is true.
Foreign trade does increase the incomes of traders and producers, who can now access a market more expensive than their domestic market and sell their goods in a much higher quantity than they could sell in their local markets. It helps them to grow and expand their business, and as the business subsequently hires more workers to work for the industry, it increases the income of people. Selling in foreign markets also has other advantages as the seller gets wider recognition and remuneration for their products, encouraging them to produce further, for which they get a reasonable price.

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