Test: Globalization And The Indian Economy - 3


15 Questions MCQ Test Economy and Indian Economy (Prelims) by Shahid Ali | Test: Globalization And The Indian Economy - 3


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QUESTION: 1

Tax on imports is an example of :

Solution:

Any restriction imposed on the free flow of trade is a trade barrier. Trade barriers can either be tariff barriers (the levy of ordinary negotiated customs duties in accordance with Article II of the GATT) or non-tariff barriers, which are any trade barriers other than tariff barriers
Tax on imports is an example of Trade Barrier.

QUESTION: 2

Globalization was stimulated by ?

Solution:

The following factors have stimulated the globalisation process.

1.Improvement in transportation: In the last fifty years, there have been a lot of improvements in transportation technology. This has made faster delivery of goods across long distances possible, at lower costs.
2.Development in information and communication technology: Technology in the areas of telecommunication and computers has been advancing rapidly.
3.Telecommunication: Telecommunication facilities like telephone, telegraph, mobiles, fax are used to connect people in the world. This has been made possible due to satellite communication devices.
4.Internet: Internet also allows us to send instant electronic mail (e-mail) and talk (voice mail) across the world at negligible cost. Even the payment of money from one bank to another can be made through e-banking.

QUESTION: 3

Small Scale industries face competition from ?

Solution:

Since their production volume is small and cannot meet demand for large quantities their market is very restricted. Now with the process of liberalization and globalization they are facing competition from local industries as well as foreign competitors who sell better quality products at lower prices.

QUESTION: 4

MNCs do not increase ?

Solution:
QUESTION: 5

SEZ stands for:

Solution:

Special economic Zone

A special economic zone (SEZ) is an area in which the business and trade laws are different from the rest of the country. SEZs are located within a country's national borders, and their aims include increased trade balance, employment, increased investment, job creation and effective administration.

QUESTION: 6

Investment made by MNCs is called ?

Solution:
QUESTION: 7

Process of integration of different countries is called ?

Solution:
QUESTION: 8

Liberalization does not include:

Solution:

C is the correct option. Trade liberalization is the removal or reduction of restrictions or barriers, such as tariffs, ... These barriers include tariffs, such as duties and surcharges, and nontariff barriers, such as licensing rules and quotas. The Quota system was abolished by the Liberalisation.

QUESTION: 9

This helps to create an opportunity for the producers to reach beyond the domestic market ?

Solution:
QUESTION: 10

MNC stands for :

Solution:

A multinational corporation (MNC) has facilities and other assets in at least one country other than its home country. A multinational company generally has offices and/or factories in different countries and a centralized head office where they coordinate global management.

QUESTION: 11

Production of services across countries has been facilitated by :

Solution:
QUESTION: 12

Which one is false ? 

Solution:
QUESTION: 13

Foreign Trade :

Solution:

It benefits lower-income households by offering consumers more affordable goods and services. Integrating with the world economy through trade and global value chains helps drive economic growth and reduce poverty—locally and globally.

QUESTION: 14

WTO stands for :

Solution:
QUESTION: 15

Globalization is not supported by:

Solution:

Rapid improvement in transportation and communication technology and the liberalisation of trade restrictions and foreign investment have been the major factors that has enabled the globalisation process.