Is it true that Trade has no specific importance in the economy of a country?

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True

False

answer is B.

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Detailed Solution

The above statement is false.
Trade is a term that refers to the exchange of goods between two parties. It is one of the important activities contributing to the economic prosperity of a nation. The resources available on the Earth are distributed unequally, leading to some areas being rich in resources and some other areas being resource-deficient. This fact shows the importance of trade. The exchange of resources is essential for the development of a country. The trade of raw materials and finished products adds to the country's economic prosperity. Trade also helps in establishing warm relations between nations. India has a significant position in the world economy due to its trade relations with several countries.
The correct statement would be that trade has specific importance in a country's economy.

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