Globalisation and Indian Economy Important questions Answer

Globalisation and Indian Economy Important questions Answer

We are taught about globalization and Indian economy under Economics. Information related to globalization and Indian economy is also asked in exams. If you are preparing for Economics exam. Then it is very important for you to have information about globalization and Indian economy. Today in this post you have been given important questions and their answers on globalization and Indian economy. Which have been asked earlier in Economics exam, so read them carefully.

Question 1. What is globalization?
Answer – The process of mutual relations and intense integration among various countries is called globalization.

Question 2. What does liberalization mean?
Answer – The process by which governments remove barriers and restrictions is called liberalization.

Question 3. What is privatization?
Answer – The process by which private sector becomes the owner of a government enterprise is called privatization.

Question 4. What are multinational companies called?
Answer – A company that controls and owns production in more than one country is called a multinational company.

Question 5. Write the names of two multinational companies in India.
Answer – Tata Motors and Infosys are multinational companies in India.

Question 6. Where do multinational companies establish their production units? Give two reasons.
Answer – (1) Near the markets.
(2) Where skilled and unskilled labor is available at low cost.

Question 7. What is investment?
Answer – The expenditure incurred in purchasing assets such as land, buildings, machinery, and other equipment is called investment.

Question 8. What is the most common way for multinational companies to invest?
Answer – The most common way for multinational companies to invest is by acquiring local companies and then expanding their production.

Question 9. What is foreign trade?
Answer – Business conducted between one country and another country is called foreign trade.

Question 10. Why are Chinese toys popular in India?
Answer – Chinese toys are popular in India because they are cheaper and better than Indian toys.

Question 11. What is a trade barrier?
Answer – Institutions that create obstacles in the path of international trade are called trade barriers; for example, import duty.

Question 12. When were liberalization policies adopted in India?
Answer – Liberalization policies were adopted in India in 1991.

Question 13. What is the World Trade Organization?
Answer – The World Trade Organization is an organization whose objective is to liberalize international trade.

Question 14. When was the World Trade Organization established?
Answer – The World Trade Organization was established in 1995.

Question 15. Write one benefit of globalization for consumers.
Answer – Due to globalization, consumers get better quality goods at lower prices.

Question 16. What does flexibility in labor laws mean?
Answer – Flexibility in labor laws means that the terms related to wages and appointments are as per the discretion of employers.

Question 17. What impact does competition from multinational companies have on small producers?
Answer – It creates a crisis for small producers as they often find it difficult to compete with them.

Question 18. What does equitable globalization mean?
Answer – Equitable globalization means the availability of uniform provisions for developed and developing countries alike.

Question 19. What is free trade?
Answer – Business conducted between two countries without any restrictions is called free trade.

Question 20. Write the full form of WTO.
Answer – World Trade Organization.

Question 21. What does export mean?
Answer – Goods sold from one’s own country to other countries are called exports.

Question 22. What is a trade embargo?
Answer – The process of imposing control over trade routes is known as a trade embargo. An example of an import tax is a trade embargo.

Question 23. How many member countries are in the World Trade Organization?
Answer – The number of member countries of the World Trade Organization was 160 as of June 26, 2014.

Question 24. What do you understand by multinational companies?
Answer – Companies that control and own production in more than one country are called multinational companies. Multinational companies design their products in their research centers. These companies produce kits through small units located in various countries and then prepare tools and machines. The been

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