Globalisation and the Indian Economy Test

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Globalisation and the Indian Economy Test - 9

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Weekly Quiz Competition

Question 1
1 / -0

Globalisation refers to

A
Different economic reforms.

B
The process of rapid integration of interconnection between countries.

C
The process of allowing private sectors to set up more industries.

D
The process of removing trade batteries by government.

Solution

Globalization is the word used to describe the growing interdependence of the world's economies, cultures, and populations, brought about by cross-border trade in goods and services, technology, and flows of investment, people, and information.
Question 2
1 / -0

Cargill Foods, an American MNC, had bought smaller Indian companies such as_________.

A
Pillsbury Foods

B
Parakh Foods

C
Aashirwad Foods

D
MTR Foods.

Solution

(i) Cargill foods is a very large American MNC. It has bought over smaller Indian companies such as Parakh Foods and expanded the range of its production of edible oils in India.
(ii) Parakh foods had built a large marketing network in various parts of India.
Question 3
1 / -0

What do you mean by liberalization?

A
Removing trade barriers

B
Adding more trade barriers

C
Protecting domestic industries

D
Closing domestic economy

Solution

1:Economic liberalisation refers to those government policies which promote economic growth by opening up trade to international markets, extending the use of markets and lessening the restrictions and regulations placed on business.
2:Economic liberalisation does not always come without its drawbacks. Domestic companies may face difficulties in competing with foreign companies once the international trade barriers are removed.
3:There is also the risk of brain drain and the environmental degradation that can follow in the wake of deregulation.
4:Many developing third world countries, however, view economic liberalisation as an approach for which there is no alternative.
Question 4
1 / -0

The number of WTO member countries was ______ in 2014.

A
129

B
139

C
160

D
170

Solution

World Trade Organisation (WTO) is one such organisation whose aim is to liberalize international trade. Started at the initiative of the developed countries, WTO establishes rules regarding international trade, and sees that these rules are obeyed. 160 countries of the world are members of the WTO (2014). As of December 2017 WTO has 164 members.
Question 5
1 / -0

How many countries are members of WTO according to 2017 data?

A
130

B
149

C
150

D
164

Solution

The World Trade Organisation (WTO) as of December 2006 has 164 members.
Question 6
1 / -0

What does WTO stand for?

A
World Telecommunication Organization

B
World Toll Organization

C
World Trade Organization

D
World Trade Orientation

Solution

WTO stands for World Trade Organisation.
It is an organisation whose aim is to liberalize international trade.
Question 7
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Investment made by MNCs is called ________________.

A
Foreign investment

B
Direct investment.

C
Indirect investment.

D
Domestic investment.

Solution

Investment made by MNCs is called foreign investment. Any investment is made with the hope that these assets will earn profits. At times, MNCs set up production jointly with some of the local companies of these countries.
Question 8
1 / -0

Rapid integration or inter-connection between countries is called __________.

A
urbanization

B
liberlization

C
globalization

D
migration

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 9
1 / -0

Companies that own and control production in more than one country are called _____.

A
Multiple National Companies

B
Multiple Nation Companies

C
Multi National Corporations

D
Multiple Nation Corporations

Solution

An MNC is a company that owns or controls production in more than one nation. MNCs set up offices and factories for production in regions where they can get cheap labour and other resources. This is done so that the cost of production is low and the MNCs can earn greater profits.
Question 10
1 / -0

What is the benefit of using containers in transportation of goods?

A
Reduction in port handling costs

B
Reduction in delays

C
Reduction in damaged goods

D
All of them

Solution

Containers have led to huge reduction in port handling costs and increased the speed with which exports can reach markets. Similarly, the cost of air transport has fallen.
This has enabled much greater volumes of goods being transported by airlines.

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Re-Attempt Weekly Quiz Competition

Globalisation and the Indian Economy Test - 9

Result

Globalisation and the Indian Economy Test - 9

Score

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Rank

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SHARING IS CARING

Question 1

Different economic reforms.

The process of rapid integration of interconnection between countries.

The process of allowing private sectors to set up more industries.

The process of removing trade batteries by government.

Solution

Question 2

Pillsbury Foods

Parakh Foods

Aashirwad Foods

MTR Foods.

Solution

Question 3

Removing trade barriers

Adding more trade barriers

Protecting domestic industries

Closing domestic economy

Solution

Question 4

129

139

160

170

Solution

Question 5

130

149

150

164

Solution

Question 6

World Telecommunication Organization

World Toll Organization

World Trade Organization

World Trade Orientation

Solution

Question 7

Foreign investment

Direct investment.

Indirect investment.

Domestic investment.

Solution

Question 8

urbanization

liberlization

globalization

migration

Solution

Question 9

Multiple National Companies

Multiple Nation Companies

Multi National Corporations

Multiple Nation Corporations

Solution

Question 10

Reduction in port handling costs

Reduction in delays

Reduction in damaged goods

All of them

Solution

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