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Question

What are trade blocs?

A
Trade blocs are groups of nations that have trade relations with each other.
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B
Trade blocs are a block of nations that have trade relations only with each other.
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C
Trade blocs are groups of nations that have common or similar trade policies.
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D
Trade blocs are groups of nations that have trade relations with each other but differ in their trade policies.
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Solution

The correct option is C Trade blocs are groups of nations that have common or similar trade policies.
Trade blocs are groups of nations that have common or similar trade policies. European Union is a prominent example of a trade bloc. Association of Southeast Asian Nations or ASEAN is another major trade bloc in the world. India has trade relations with both these trade blocs.

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