What is the definition of global trade?

The import and export of goods and services within a country

The import and export of goods and services across international boundaries

The exchange of goods and services between neighboring countries

The exchange of goods and services between developed countries

What is the concept of comparative advantage in global trade?

The ability of a country to produce goods and services at a lower opportunity cost than other countries

The ability of a country to produce all goods and services more efficiently than other countries

The ability of a country to import goods and services at a lower cost than other countries

The ability of a country to export goods and services to multiple countries simultaneously

How does global trade benefit countries?

It allows countries to focus on their comparative advantages and maximize production and efficiency

It increases international conflict and war

It restricts countries from importing goods and services

It leads to higher costs for consumers in all countries

What is a Special Economic Zone (SEZ)?

A geographical region that has economic laws different from a country's typical economic laws

A region where only domestic investment is allowed

A region where all goods and services are imported

A region with high tariffs and taxes on imports and exports

What is the role of state governments in establishing SEZs?

State governments have no role in establishing SEZs

State governments play a minor role in establishing SEZs

State governments have an important role in establishing SEZs

State governments are responsible for controlling SEZ operations

What are the special features for business units that come to the SEZ?

Business units in SEZs are entitled to tax breaks and a simplified operating environment

Business units in SEZs have to pay higher taxes than those outside the SEZs

Business units in SEZs can only import goods and services

Business units in SEZs are exempt from labor laws

What is the purpose of the Export Promotion Council (EPC)?

To promote and develop the production of traditional commodities and their exports

To provide training for international trade and conduct research in areas of international business

To maintain quality control of export trade and perform pre-shipment inspections

To organize trade fairs and provide opportunities for export firms to participate in international trade fairs

What is the role of the Indian Trade Promotion Organization (ITPO)?

To promote and stimulate trade primarily in export trade among different trading partners

To maintain a regular and close relationship with trade, industry, and government

To provide training for international trade and conduct research in areas of international business

To organize trade fairs and provide opportunities for export firms to participate in international trade fairs

What is the purpose of the Indian Institute of Foreign Trade (IIFT)?

To promote and develop the production of traditional commodities and their exports

To provide training for international trade and conduct research in areas of international business

To maintain quality control of export trade and perform pre-shipment inspections

To organize trade fairs and provide opportunities for export firms to participate in international trade fairs

What is the purpose of the State Trading Organization (STC)?

To promote and develop the production of traditional commodities and their exports

To provide training for international trade and conduct research in areas of international business

To promote and stimulate trade primarily in export trade among different trading partners

To facilitate trade by importing and exporting goods on behalf of the government

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