Globalisation and the Indian Economy Test

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Globalisation and the Indian Economy Test - 10

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Weekly Quiz Competition

Question 1
1 / -0

Started at the initiative of ____________countries, WTO established rules regarding international trade.

A
least developed

B
developing

C
developed

D
poor

Solution

World Trade Organisation (WTO) is one organisation whose aim is to liberalise international trade. Started at the initiative of the developed countries, WTO establishes rules regarding international trade, and sees that these rules are obeyed. 149 countries of the world are currently members of the WTO (2006).
Question 2
1 / -0

Companies who set up production units in SEZs do not have to pay taxes for an initial period of ______ years.

A
two

B
three

C
four

D
five

Solution

In recent years, the central and state governments in India are taking special steps to attract foreign companies to invest in India. Industrial zones, called Special Economic Zones (SEZs), are being set up. Companies who set up production units in the SEZs do not have to pay taxes for an initial period of five years.
Question 3
1 / -0

What is the major benefit to the local company of a joint production with MNC?

A
Domestic labours get high wages

B
Production reduces

C
MNC's can provide money for additional investments.

D
Domestic companies started following labour laws.

Solution

The benefit to the local company of such joint production is two-fold. First, MNCs can provide money for additional investments, like buying new machines for faster production. Second, MNCs might bring with them the latest technology for production.
Question 4
1 / -0

The past decades of globalization has seen rapid movements in _______.

A
Goods, services and people

B
Goods, technology, investments and services

C
Goods and people

D
Technology and goods

Solution

Globalisation is this process of rapid integration or interconnection between countries. MNCs are playing a major role in the globalisation process. More and more goods and services, investments and technology are moving between countries. Most regions of the world are in closer contact with each other than a few decades back.
Question 5
1 / -0

Most regions of the world are getting increasingly_________.

A
interconnected

B
mutually fighting

C
inter-depending for defence

D
none of the above

Solution

This interconnectedness across countries has many dimensions — cultural, political, social and economic.
Question 6
1 / -0

Globalisation by connecting countries, shall result in ______________.

A
lesser competition among producers

B
greater competition among producers

C
no change in competition among producers

D
none of the above

Solution

Producers in the two countries now closely compete against each other even though they are separated by thousands of miles! Foreign trade thus results in connecting the markets or integration of markets in different countries.
Question 7
1 / -0

In general, where do MNC's prefer to set up their production units?

A
Where tax rate is high

B
Where labour is available at low costs

C
Where other MNC's exist

D
Countries who are member of WTO

Solution

In general, MNCs set up production where it is close to the markets where there is skilled and unskilled labour available at low costs and where the availability of other factors of production is assured.
Question 8
1 / -0

What is Globalisation?

A
Process of rapid integration between countries.

B
Process of rapid integration of various states of a country.

C
Rapid integration of people of various countries only

D
Integration of technologies of different countries only

Solution

Globalization is a process of interaction and integration among the people, companies, and governments of different nations, a process driven by international trade and investment and aided by information technology. This process has effects on the environment, on culture, on political systems, on economic development and prosperity, and on human physical well-being in societies around the world.
Question 9
1 / -0

What do you mean by Investment?

A
Money spent for investment

B
Money that is spent to buy assets such as land,building, machines and other equipment.

C
Money used by owners for luxuries.

D
The money used to build the factory only.

Solution

MNCs set up production where it is close to the markets; where there is skilled and unskilled labour available at low costs; and where the availability of other factors of production is assured. Having assured themselves of these conditions, MNCs set up factories and offices for production. The money that is spent to buy assets such as land, building, machines and other equipment is called investment.
Question 10
1 / -0

How can the government of a country play a major role in making Globalization fair?

A
Government can ensure that labour laws are properly implemented.

B
Government can support large producers to improve their performance.

C
Government can negotiate at UNO for fairer rules.

D
Government should negotiate with USA.

Solution

The government can ensure fair globalisation through the following ways:
Making policies which must protect the interests, not only of the rich and the powerful, but all the people in the country.
The government can ensure that labour law are properly implemented and the workers get their rights.
It can support small producers to improve their performance till the time they become strong enough to compete.

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Re-Attempt Weekly Quiz Competition

Globalisation and the Indian Economy Test - 10

Result

Globalisation and the Indian Economy Test - 10

Score

-

Rank

-

SHARING IS CARING

Question 1

least developed

developing

developed

poor

Solution

Question 2

two

three

four

five

Solution

Question 3

Domestic labours get high wages

Production reduces

MNC's can provide money for additional investments.

Domestic companies started following labour laws.

Solution

Question 4

Goods, services and people

Goods, technology, investments and services

Goods and people

Technology and goods

Solution

Question 5

interconnected

mutually fighting

inter-depending for defence

none of the above

Solution

Question 6

lesser competition among producers

greater competition among producers

no change in competition among producers

none of the above

Solution

Question 7

Where tax rate is high

Where labour is available at low costs

Where other MNC's exist

Countries who are member of WTO

Solution

Question 8

Process of rapid integration between countries.

Process of rapid integration of various states of a country.

Rapid integration of people of various countries only

Integration of technologies of different countries only

Solution

Question 9

Money spent for investment

Money that is spent to buy assets such as land,building, machines and other equipment.

Money used by owners for luxuries.

The money used to build the factory only.

Solution

Question 10

Government can ensure that labour laws are properly implemented.

Government can support large producers to improve their performance.

Government can negotiate at UNO for fairer rules.

Government should negotiate with USA.

Solution

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