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Globalisation and the Indian Economy Test - 8

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Globalisation and the Indian Economy Test - 8
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Weekly Quiz Competition
  • Question 1
    1 / -0
    Which of the following refers to trade barrier in the context of WTO?
    I. Restrictions on domestic trade.
    II. Not allowing companies to do foreign trade beyond specific quantity.
    III. Restrictions on the import and export of goods.
    IV. Restrictions on the price fixed by companies.
    Solution
    Trade barriers are Government induced restrictions on international Trade. They are normally of 2 types :
    1) Tariff Barriers - These are basically taxes imposed by the Government on the some products which are imported so that their price increases. This is normally done to Protect the domestic Industry, Increase the Government's revenue, prevent oversupply of some good also called as Dumping, etc.
    2) Non tariff barriers - These are barriers to international trade other than the tariff barriers. For Example, Subsidies provided by the Government on certain goods to improve their competitiveness, import licensing, pre shipment inspection, etc
  • Question 2
    1 / -0
    The most common route for investments by MNCs in countries around the world is to ___________.
    Solution
     The most common route for MNC investments is to buy up local companies and then to expand production. 
  • Question 3
    1 / -0
    The first international earth summit was held in the year __________.
    Solution

    In June 1992, more than 100 heads of states met in Rio de Janeiro in Brazil, for the first International Earth Summit. The Summit was convened for addressing urgent problems of environmental protection and socioeconomic development at the global level. 
  • Question 4
    1 / -0
    Within a year, 70% to 80% of toy shops have replaced the Indian toys with Chinese toys due to ___________.
    Solution
    Buyers in India now have the option of choosing between Indian and the Chinese toys. Because of the cheaper prices and new designs, Chinese toys become more popular in the Indian markets. 
  • Question 5
    1 / -0
    World Trade Organisation (WTO) is an organisation whose aim is to liberalise _________.
    Solution
    WTO deals with the global rules of trade between nations. 
    It was set up to ensure trade flows smoothly and freely between nationas.
    As of December 2017, WTO has 164 members.
  • Question 6
    1 / -0
    Which country has the largest share of FDI in India during the last decade?
    Solution

    Foreign direct investment (FDI) is an investment in a business by an investor from another country for which the foreign investor has control over the company purchased. The Organization of Economic Cooperation and Development (OECD) defines control as owning 10% or more of the business.
    Mauritius has emerged as the most important source of FDI to India over the last decade. Destination wise, economically advanced states have attracted the lion's share of FDI flows to India.


  • Question 7
    1 / -0
    Liberalization means _______.
    Solution

    Removing barriers or restrictions set by the government is what is known as liberalisation. With liberalisation of trade, businesses are allowed to make decisions freely about what they wish to import or export. The government imposes much less restrictions than before and is therefore said to be more liberal.

  • Question 8
    1 / -0
    Which of the following events led to a change in the world economy?
  • Question 9
    1 / -0
    How can government of a country play a major role in making Globalization fairer?
    Solution
    Government policies and regulations have made Globalization fairer.
  • Question 10
    1 / -0
    In India, the first plant set up by Ford Motors was in ____________.
    Solution

    Ford Motors came to India in 1995 and spent Rs. 1700 crore to set up a large plant near Chennai. This was done in collaboration with Mahindra and Mahindra, a major Indian manufacturer of jeeps and trucks.

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