Which of the given points on history of International Trade are correct?
(A) In ancient times trade was restricted to local markets
(B) The Silk Route is an example of long distance trade
(C) Industrialised nations started importing raw materials and exporting finished products
(D) Slave trade started after World War I
Choose the correct answer from the options given below:
Answer & explanation
Correct answer: option 2
The correct answer is Option (2) → (A), (B), (C) only
International trade is the exchange of goods and services among countries. Its history moves in steps: local markets in ancient times, long-distance routes for costly goods, slave trade in the colonial age, and then trade between industrial and non-industrial nations.
(A) In ancient times trade was restricted to local markets — Correct. Carrying goods over long distances was risky in ancient times, so people traded close to home.
(B) The Silk Route is an example of long distance trade — Correct. The Silk Route was an early long distance trade route of about 6,000 km between Rome and China.
(C) Industrialised nations started importing raw materials and exporting finished products — Correct. After the Industrial Revolution, the industrialised nations imported primary products as raw materials and sold the finished goods back to the non-industrialised nations.
(D) Slave trade started after World War I — Incorrect. Slave trade began with European colonialism from the fifteenth century. It was abolished in Denmark in 1792, Great Britain in 1807 and the United States in 1808, more than a hundred years before World War I.
NCERT (2026-27): “HISTORY OF INTERNATIONAL TRADE … In ancient times, transporting goods over long distances was risky, hence trade was restricted to local markets.” “The Silk Route is an early example of long distance trade connecting Rome to China – along the 6,000 km route.” “Fifteenth century onwards, the European colonialism began and along with trade of exotic commodities, a new form of trade emerged which was called slave trade. … Slave trade was a lucrative business for more than two hundred years till it was abolished in Denmark in 1792, Great Britain in 1807 and United States in 1808.” “The industrialised nations imported primary products as raw materials and exported the value added finished products back to the non-industrialised nations.” |