Which of the following is a characteristic of the 'Global Value Chains' phenomenon?
A. Only final goods are traded
B. All production occurs within a single country
C. Production processes are fragmented across countries, with intermediate goods crossing borders multiple times
D. Trade is limited to primary commodities
Answer: Option C
Solution (By JKSSB Mock Tests)
Global value chains describe the international fragmentation of production in which different stages of the production process are located in different countries and intermediate inputs are traded intensively.
Explanation:
Elasticity of demand includes price elasticity, income elasticity and cross elasticity. Elasticity of supply is a separate concept relating to supply response.
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