Which of the following is incorrect about international trade?

None of the above.

The correct answer is Option 4: None of the above.

All the given statements are correct in the context of international trade:

• International trade is the result of specialisation in production — Correct.
• It benefits the global economy when countries specialise according to their strengths and practise division of labour — Correct.
• International trade is based on principles such as comparative advantage, complementarity, and transferability — Correct.

NCERT: "International trade is the result of specialisation in production. It benefits the world economy if different countries practise specialisation and division of labour in the production of commodities or provision of services. Each kind of specialisation can give rise to trade. Thus, international trade is based on the principle of comparative advantage, complimentarity and transferability of goods and services and in principle, should be mutually beneficial to the trading partners."