NCERT Class 10 Economics Chapter 4 Globalisation And The Indian Economy Very Short Answer Questions
Question 1. What does MNC stand for?
Answer:
MNC stands for Multinational Corporation.
Question 2. What is the investment made by the MNCs called?
Answer:
The investment made by the MNCs is called Foreign Investment.
Question 3. Name the process of integration of different countries.
Answer:
The process of integration of different countries is called Globalisation.
Question 4. Name two basic outcomes of MNCs.
Answer:
The basic outcomes of MNCs are competition, price war, and quality.
Question 5. What helps to create an opportunity for the producers to reach beyond the domestic market?
Answer:
Foreign trade helps to create an opportunity for the producers to reach beyond the domestic market.
Question 6. What does Foreign Trade increase?
Answer:
Foreign trade increases earnings.
Question 7. What stimulates Globalisation?
Answer:
Transportation stimulates Globalisation.
Question 8. What has facilitated the production of services across countries?
Answer:
Information and Communication Technology has facilitated the production of services across countries.
Question 9. State one example of Tax on import.
Answer:
Trade barrier
Question 10. What is not included in liberalization?
Answer:
The quota system is not included in liberalization.
Question 11. Define liberalisation.
Answer:
Liberalization of the economy means to free it from direct or physical control imposed by the government.
Question 12. What is globalisation?
Answer:
Integrating our economy with the world economy is called globalisation. Reduction in the economic gap between different nations is done by removing all restrictions between nations on the movement of goods, services, capital, technology, and labor.
Question 13. What is privatization?
Answer:
Privatization is defined as the transfer of ownership and control from the public sector to the private sector.
It means there is a greater role of private capital and enterprise in the functioning of an economy.
Question 14. State a positive aspect of India’s development strategy prior to 1991.
Answer:
The strategy has helped India create a large industrial base and increase industrial production.
Question 15. State a negative aspect of India’s development strategy prior to 1991.
Answer:
Laws formulated to regulate the private sector failed to reduce the concentration of economic power in the private sector. Corruption, inefficiency in work, and mismanagement were the common features in public enterprises.
Question 16. What is a “bilateral agreement”?
Answer:
When a country involves itself in trade with some- other country, there is an agreement between them. This agreement is called a bilateral agreement.
Question 17. What do you mean by export quota?
Answer:
For the protection of local consumers, the government restricts giving limit of export of some particular goods. This is called export quota.
Question 18. What do you mean by import quotas?
Answer:
For the protection of local manufacturers from the competition of producers from another country, the government imposes taxes on imported goods. This is called import quota.
Question 19. Define sustainable economic development.
Answer:
The development taking place without damaging the environment and the development in the present should not compromise on the needs of future generations. It is called sustainable development.
Question 20. State any two impacts of liberalization and globalization in India.
Answer:
The Impacts Of Liberalisation And Globalisation In India Are:
- There are better services in the communication sector such as telephone, color television, and other electronic goods.at low prices.
- Many food processing companies have taken over the market, such as Coca-Cola, Pepsi, and other food products.
Question 21. State the strategies under the new economic policy.
Answer:
The strategies under the new economic policy are:
- Liberalisation
- Privatization
- Globalization
Question 22. What do you understand by the liberalization of foreign trade?
Answer:
Removing barriers or restrictions set by the government in terms of export and import is called liberalization. It includes lowering import duty, allowing certain products, etc.