Explanation

Free trade refers to a trade policy where a country does not impose any tariffs, quotas, or other restrictions on imports or exports.

This means that goods and services can be traded between countries without any government interference or protectionism.

Explanation

The CEBR releases its economic league table every year on 26 December 2020.

China will overtake the US to become the world's largest economy by 2028, according to the UK-based Centre for Economics and Business Research (CEBR).

 A world economic league table with forecasts for 193 countries to 2034.

Explanation

Despite Australia's political stability, the country is grappling with significant economic challenges

The most pressing issue is poor GDP growth

Australia faces multifaceted challenges, including declining productivity, structural budget issues, and external economic pressures.

Explanation

The WTO warned that tariff imposition could lead to a potential decline of 80% in U.S.–China goods trade.

This projection was made by Dr. Ngozi Okonjo-Iweala, the Director-General of the WTO, on April 9, 2025. 

Explanation

Explanation

Capitalism emphasizes private ownership of resources and businesses.

It supports a free market where supply and demand determine prices and production.

Explanation

Poland has received significant amounts of funding from the European Union.

These funds are often for managing various aspects of the country's affairs

Other European countries like Italy and France also receive EU funds,

But Poland is often highlighted as a major recipient

Explanation

Core Reason for Trade:

Comparative Advantage: Countries specialize in producing what they are most efficient at and trade for other goods/services (e.g., Pakistan exports textiles, imports oil).

Diverse Needs: No country produces everything it requires (e.g., Japan imports food due to limited arable land).

Explanation

Top Importer of Pakistan fiscal year (2020-21)

1.           China

2.           United Arab Emirates (UAE)

3.           Singapore. 

Petroleum is the largest-import item of Pakistan

Explanation

• Economy is not considered an essential element.

The four essential elements of a State are:

1. Population
2. Territory
3. Government
4. Sovereignty