Which of the following sentences are correct with respect to international trade ?
(1) Volume of trade is amount of trade in monetary terms.
(2) Composition of trade is type of goods and services in international trade.
(3) Direction of trade is trade of country with other countries or trade blocks.
(4) International trade does not fulfill surplus and deficit demand and supply of commodities in world
1
Statement (1), (2), (3) are correct
2
Statement (2), (3), (4) are correct
3
Statement (1), (2), (4) are correct
4
Statement (1) and (4) are correct