Pre-listening

1. No trade, under any form whatsoever, had existed before money was invented.

Some forms of trade such as barter had existed long before money was invented.

2. WTO is the first international organization that was created to tackle the issues of international trade.

WTO was preceded by GATT which was founded in 1948.

3. Barter consists in exchanging services for services.

Barter is the exchange of goods for goods, services for services or goods for services and vice versa.

4. International trade theory encourages countries to diversify the products they export.

No, countries which are capable of providing a wide range of goods and services at a lower cost than any other country should concentrate on selling that product or service for which its cost advantage is greatest and leave the production of other goods, in which it has a lesser cost advantage to other countries.