International Trade Test - 1

OPEC primarily deals with crude petroleum.

OPEC is an organization that controls petroleum production, supplies, and prices in the global market. The group was established in 1960 and is made up of 13 different oil-producing companies.

Asia has a maximum flow of Global trade. Global trade has been an ancient feature since early civilizations such as Indus Valley Civilization, Mesopotamia, etc.

Naval ports are those with strategic importance, serving warships and having repair workshops for them. Examples: Kochi and Karwar in India.

European colonialism began in the 15th century, along with the emergence of slave trade.

The Commonwealth of Independent States (CIS) aims to integrate and cooperate on matters of economics, defense, and foreign policy.

Ports of call originally developed as calling points on main sea routes where ships anchored for refueling, watering, and taking food items before evolving into commercial ports. Examples provided include Aden, Honolulu, and Singapore.

LAIA stands form Latin American Integration Association.  It aims to foster trade, investment, and economic development among its member states through various agreements and initiatives.

International trade is based on the principle of comparative advantage.

David Ricardo developed the classical theory of comparative advantage in 1817 to explain why countries engage in international trade even when one country's workers are more efficient at producing every single good than workers in other countries.

The Silk Route as an early example of long-distance trade connecting Rome to China.

Industrial ports specialize in handling bulk cargo-like grain, sugar, ore, oil, chemicals, and similar materials.