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Directions: In the following questions, a statement of assertion (A) is followed by a statement of reason (R). Mark the correct choice as:
Assertion (A): Inward Looking Trade Strategy is called Import Substitution.
Reason: Instead of importing vehicles made in a foreign country, industries would be encouraged to produce them in India itself.
- a)Both assertion (A) and reason (R) are true and reason (R) is the correct explanation of assertion (A).
- b)Both assertion (A) and reason (R) are true but reason (R) is not the correct explanation of assertion (A).
- c)Assertion (A) is true but reason (R) is false.
- d)Assertion (A) is false but reason (R) is true.
Correct answer is option 'A'. Can you explain this answer?
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Directions: In the following questions, a statement of assertion (A) ...
Explanation:
The correct answer is option 'A' - Both assertion (A) and reason (R) are true and reason (R) is the correct explanation of assertion (A).
Explanation:
- Assertion (A): Inward Looking Trade Strategy is called Import Substitution.
- Reason (R): Instead of importing vehicles made in a foreign country, industries would be encouraged to produce them in India itself.
The correct answer is option 'A' - Both assertion (A) and reason (R) are true and reason (R) is the correct explanation of assertion (A).
Explanation:
- The term Import Substitution means that a country tries to produce goods and services domestically rather than importing them from other countries. This helps in reducing the dependence on foreign countries and also helps in developing domestic industries.
- Inward Looking Trade Strategy is a policy where a country tries to focus on its domestic market rather than international markets. This policy involves reducing imports and increasing exports to boost the economy.
- In the given reason, it is stated that instead of importing vehicles made in a foreign country, industries would be encouraged to produce them in India itself. This is an example of import substitution where India is trying to produce vehicles domestically instead of importing them from other countries.
- Thus, both assertion (A) and reason (R) are true and reason (R) is the correct explanation of assertion (A).
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Directions: In the following questions, a statement of assertion (A) ...
Inward looking trade strategy : In the first seven plans trade was characterised by what is commonly called inward looking trade strategy. Technically this strategy is called import substitution.
This policy aimed at replacing or substituting imports with domestic production. For example, instead of importing vehicles made in a foreign country, industries would be encouraged to produce them in India itself. In this policy, the government protected the domestic industries from foreign competition. Protection from imports took two forms : 1. Tariffs and 2. Quotas.
1. Tariffs : Tariffs are a tax on imported goods. They make imported goods costlier and discourage their use.
2. Quotas : They specify the quantity of goods that can be imported.
The effects of tariffs and quotas is that they restrict imports and therefore protect the domestic firms from foreign competition.
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Directions: In the following questions, a statement of assertion (A) is followed by a statement of reason (R). Mark the correct choice as:Assertion (A): Inward Looking Trade Strategy is called Import Substitution.Reason: Instead of importing vehicles made in a foreign country, industries would be encouraged to produce them in India itself.a)Both assertion (A) and reason (R) are true and reason (R) is the correct explanation of assertion (A).b)Both assertion (A) and reason (R) are true but reason (R) is not the correct explanation of assertion (A).c)Assertion (A) is true but reason (R) is false.d)Assertion (A) is false but reason (R) is true.Correct answer is option 'A'. Can you explain this answer?
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Directions: In the following questions, a statement of assertion (A) is followed by a statement of reason (R). Mark the correct choice as:Assertion (A): Inward Looking Trade Strategy is called Import Substitution.Reason: Instead of importing vehicles made in a foreign country, industries would be encouraged to produce them in India itself.a)Both assertion (A) and reason (R) are true and reason (R) is the correct explanation of assertion (A).b)Both assertion (A) and reason (R) are true but reason (R) is not the correct explanation of assertion (A).c)Assertion (A) is true but reason (R) is false.d)Assertion (A) is false but reason (R) is true.Correct answer is option 'A'. Can you explain this answer? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Directions: In the following questions, a statement of assertion (A) is followed by a statement of reason (R). Mark the correct choice as:Assertion (A): Inward Looking Trade Strategy is called Import Substitution.Reason: Instead of importing vehicles made in a foreign country, industries would be encouraged to produce them in India itself.a)Both assertion (A) and reason (R) are true and reason (R) is the correct explanation of assertion (A).b)Both assertion (A) and reason (R) are true but reason (R) is not the correct explanation of assertion (A).c)Assertion (A) is true but reason (R) is false.d)Assertion (A) is false but reason (R) is true.Correct answer is option 'A'. Can you explain this answer? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Directions: In the following questions, a statement of assertion (A) is followed by a statement of reason (R). Mark the correct choice as:Assertion (A): Inward Looking Trade Strategy is called Import Substitution.Reason: Instead of importing vehicles made in a foreign country, industries would be encouraged to produce them in India itself.a)Both assertion (A) and reason (R) are true and reason (R) is the correct explanation of assertion (A).b)Both assertion (A) and reason (R) are true but reason (R) is not the correct explanation of assertion (A).c)Assertion (A) is true but reason (R) is false.d)Assertion (A) is false but reason (R) is true.Correct answer is option 'A'. Can you explain this answer?.
Directions: In the following questions, a statement of assertion (A) is followed by a statement of reason (R). Mark the correct choice as:Assertion (A): Inward Looking Trade Strategy is called Import Substitution.Reason: Instead of importing vehicles made in a foreign country, industries would be encouraged to produce them in India itself.a)Both assertion (A) and reason (R) are true and reason (R) is the correct explanation of assertion (A).b)Both assertion (A) and reason (R) are true but reason (R) is not the correct explanation of assertion (A).c)Assertion (A) is true but reason (R) is false.d)Assertion (A) is false but reason (R) is true.Correct answer is option 'A'. Can you explain this answer? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Directions: In the following questions, a statement of assertion (A) is followed by a statement of reason (R). Mark the correct choice as:Assertion (A): Inward Looking Trade Strategy is called Import Substitution.Reason: Instead of importing vehicles made in a foreign country, industries would be encouraged to produce them in India itself.a)Both assertion (A) and reason (R) are true and reason (R) is the correct explanation of assertion (A).b)Both assertion (A) and reason (R) are true but reason (R) is not the correct explanation of assertion (A).c)Assertion (A) is true but reason (R) is false.d)Assertion (A) is false but reason (R) is true.Correct answer is option 'A'. Can you explain this answer? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Directions: In the following questions, a statement of assertion (A) is followed by a statement of reason (R). Mark the correct choice as:Assertion (A): Inward Looking Trade Strategy is called Import Substitution.Reason: Instead of importing vehicles made in a foreign country, industries would be encouraged to produce them in India itself.a)Both assertion (A) and reason (R) are true and reason (R) is the correct explanation of assertion (A).b)Both assertion (A) and reason (R) are true but reason (R) is not the correct explanation of assertion (A).c)Assertion (A) is true but reason (R) is false.d)Assertion (A) is false but reason (R) is true.Correct answer is option 'A'. Can you explain this answer?.
Solutions for Directions: In the following questions, a statement of assertion (A) is followed by a statement of reason (R). Mark the correct choice as:Assertion (A): Inward Looking Trade Strategy is called Import Substitution.Reason: Instead of importing vehicles made in a foreign country, industries would be encouraged to produce them in India itself.a)Both assertion (A) and reason (R) are true and reason (R) is the correct explanation of assertion (A).b)Both assertion (A) and reason (R) are true but reason (R) is not the correct explanation of assertion (A).c)Assertion (A) is true but reason (R) is false.d)Assertion (A) is false but reason (R) is true.Correct answer is option 'A'. Can you explain this answer? in English & in Hindi are available as part of our courses for Commerce.
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