Which of the following is a benefit of global trade?

Exposure to new technology is a significant benefit of global trade. When countries engage in international trade, they often share innovative practices, techniques, and technological advancements. This transfer of technology can enhance productivity, efficiency, and competitiveness within industries. For example, companies that import goods might adopt new manufacturing technologies used by their foreign suppliers, leading to improved products and processes in their local markets. Additionally, interaction with global partners can foster collaboration and knowledge sharing, further propelling technological advancements that contribute to economic growth.

In contrast, limited market access would restrict businesses from reaching broader audiences and benefitting from the economies of scale. Increased local competition, while it can lead to better prices and improved quality for consumers, may not be viewed as a direct benefit of global trade in the context of competitive dynamics. Decreased product variety would suggest a narrowing of choices for consumers, which is typically seen as a disadvantage rather than a benefit. Hence, exposure to new technology stands out as a clear advantage of participating in global trade.