Which of the following statements are true regarding free trade?

Promotes barriers to import and export.

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Reduces complexity of trade rules.

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WTO resolves international trade disputes.

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No countries are interested in adopting free trade rules.

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Solution

The correct options are
B Reduces complexity of trade rules.
C WTO resolves international trade disputes.
Trade is extremely important for the economic prosperity of all nations. Many countries are moving towards free trade policies. Free trade is a scenario where barriers for import and export are removed. It reduces complexity in trade rules.

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Which of the following refers to trade barrier in the context of WTO?

I. Restrictions on domestic trade

II. Not allowing companies to do foreign trade beyond specific quantity

III. Restrictions on the export and import of goods

IV. Restrictions on the price fixed by companies

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